Ohio-based wealth manager MAI Capital Management has acquired MTX Wealth Management, a Virginia-based peer that focuses on serving professional athletes and entertainers.

The companies did not reveal the deal value.

The acquisition is said to expand the presence of MAI to the greater Washington, D.C. market and enhance its offering for athlete clients.

At the end of March 2019, MAI oversaw nearly $5.4bn in assets.

The latest acquisition adds more than $400m in assets to MAI’s books.

Under the agreement, MTX advisers supporting professional athletes and coaches will become part of MAI Sports- MAI’s dedicated service group.

MTX founder and president Steve Trax will become managing director at MAI Sports.

Trax will head the expanded sports arm, working alongside MAI managing director John Palguta.

MAI managing partner Rick Buoncore said: “MTX is founded on building deep and lasting relationships with clients, helping them reach their financial goals and ensuring they have a partner by their side. This is especially important in helping professional athletes navigate the distinct issues they encounter.

“Our firm shares this philosophy and is excited to partner with MTX.”

The latest purchase continues MAI’s consolidation activities.

Earlier this year, the firm acquired the wealth management business of CCI Financial Group.

Last year, MAI purchased the wealth management unit of Calfee Financial Advisors.