MAI Capital rolls up wealth management business of Ownership Advisors

This post was originally published on this site

MAI Capital Management has announced an agreement to acquire the wealth management business of Ownership Advisors Inc. of Independence in a deal that adds about $120 million in assets under management (AUM) to the Cleveland-based registered investment adviser (RIA).

Terms of the deal, scheduled to close in the second quarter, were not disclosed.

It’s the second acquisition by MAI this year in the Cleveland market, following the rollup of Beachwood’s HW Financial Advisors, a former affiliate of accounting firm HW&Co., which was announced in January.

In concert with the deal, Ownership Advisors president Mark Van Drunen will join MAI as a managing director.

“Throughout our history, we have been incredibly thoughtful in our work with clients, as well as the partners we seek to best serve them,” Van Drunen said in a statement. “In considering our future, we sought a partner who shares our values and philosophy, which are embodied by the MAI team.”

“MAI’s history of success can be attributed to our commitment to clients and designing strategic and personalized plans that meet their individualized goals,” added MAI managing partner Rick Buoncore in a statement. “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 has been a regular acquirer of other RIAs as part of its growth strategy. Backing it up on those efforts is Wealth Partners Capital Group of Florida, which acquired a 40% stake in MAI in 2017.

The Ownership Advisors deal is the 11th since the inception of that partnership and follows three acquisitions completed in 2020. Since 2017, acquisitions have helped boost AUM at MAI from $4.5 billion to, with the Ownership Advisors addition, about $10 billion.

Related Posts