MAI Capital Management, a wealth management firm based in Ohio, has bought local peer John D. Dovich & Associates for an undisclosed sum.

Founded in 1987, Dovich & Associates focuses on both wealth management as well as insurance services.

The deal adds around $600m in assets to MAI’s books and offers the firm a location in Cincinnati.

The acquisition also supports the launch of MAI Insurance Solutions, which will specialise in planning-based insurance services.

As part of the deal, Dovich & Associates founder John Dovich will assume the role of regional managing director of the Cincinnati office.

Dovich will also serve as the national head of MAI Insurance Solutions and MAI partner.

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More than 10 other Dovich & Associates employees are also migrating to MAI. They include Bill Bruns and Tom Lalley. The pair will serve as managing director and partner at MAI.

MAI managing partner Rick Buoncore said: “For over three decades, John and his team at Dovich & Associates have assisted clients in the management of their financial affairs.

“We could not be more excited to have partners as talented as John, Bill and Tom join MAI, delivering comprehensive wealth management and insurance offerings to the firm’s private clients.”

The latest deal continues MAI’s recent consolidation activities.

Earlier in 2019, the firm snapped up Virginia-based MTX Wealth Management and the wealth management unit of Ohio’s CCI Financial Group.