Ohio-based RIA MAI Capital Management has signed an agreement to buy the wealth management business of Cleveland- based Ownership Advisors (OAI) for an undisclosed sum.
The deal, which further bolsters MAI’s presence in Cleveland, will also ramp up its in-house wealth management capabilities.
Go deeper with GlobalData
OAI offers financial planning and wealth management services for HNW individuals as well as families.
It specialises in assisting wealth accumulation, intergenerational wealth management and legacy planning for its clients.
OAI president Mark Drunen, who has more than two decades of experience in the financial services industry, will take up the role of Managing Director at MAI.
Commenting on the deal, Drunen said: “Throughout our history, we have been incredibly thoughtful in our work with clients, as well as the partners we seek to best serve them.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“In considering our future, we sought a partner who shares our values and philosophy, which are embodied by the MAI team.”
MAI managing partner Rick Buoncore said: “MAI’s history of success can be attributed to our commitment to clients and designing strategic and personalised plans that meet their individualised goals.
“We see this same philosophy woven into OAI’s culture, which is driven by defined core values and their dedication to providing quality planning and strategic advice to clients. We are excited to welcome Mark and his team to MAI.”
MAI’s acquisition spree
The latest deal marks MAI’s 11th acquisition since taking a minority investment from financial services holding company Wealth Partners Capital Group (WPCG) in July 2017.
WPCG managing partner John Copeland said that the latest deal will allow MAI to expand its expertise and continue growing its wealth management presence in Cleveland and beyond.
Last year, MAI expanded its footprint to three new geographical regions with the purchase of Smith Capital Management, Greenway Family Office, and Grisanti Capital Management.
In January this year, the company agreed to buy HW Financial Advisors, a Beachwood, Ohio-based wealth manager.
