MAI Capital Management has introduced a dedicated business line for professionals in the sports and entertainment sectors.
Dubbed MAI Sports + Entertainment, the new dedicated division offers a range of services through offices in Cleveland, Ohio, and Reston, Virginia.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
These services include wealth management, business consulting as well as career transition.
At present, the division serves clients across major professional sports leagues. It also caters to coaches and agents at the professional and collegiate levels.
Each client is backed by tax professionals, investment advisers, strategic partners, and other specialists.
Managing directors Steve Trax and John Palguta will be in charge of the division.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataTrax was the founder and president of MTX Wealth Management, a Virginia-based firm focused on serving professional athletes and entertainers.
MAI formalised the new business line after its takeover of MTX last year.
The acquisition brought over $400m in assets to MAI.
MAI managing partner Rick Buoncore said: “Our partnership with Steve and his team — and the MAI Sports + Entertainment division that’s resulted from it — is a testament to our commitment to our clients, as well as to designing solutions that advance them toward their goals.”
The purchase of MTX enabled MAI to strengthen its in-house expertise and resources for this client segment.
Trax stated: “MAI has a proven track record of advising athletes throughout their career arc, from professional prospect through their playing days and into a successful retirement.
“This success is a result of a steadfast commitment to our clients. MAI Sports + Entertainment is built on this client-centric philosophy and presents the opportunity to extend our offering that is already excelling in the industry.”
Recent acquisitions by MAI
This January, MAI snapped up New York-based J.M. Hartwell with more than $640m in assets.
Last year, MAI bought Rodman Capital Management, and John D. Dovich & Associates.
It also acquired CCI Financial Group’s wealth management arm in 2019.
