Acquisition expands MAI’s wealth management team and enhances its presence in the Greater Cleveland area
MAI Capital Management, LLC (“MAI”), a leading independent registered investment adviser that specializes in comprehensive investment and financial planning for high-net-worth individuals and families, has completed its acquisition of the wealth management division of Ownership Advisors, Inc. following customary closing conditions. Ownership Advisors will continue to operate as an independent family wealth advisory firm focused on protecting lifestyles and legacies for families of faith, led by Richard Tanner, Chief Executive Officer. The acquisition of the wealth management division of Ownership Advisors further expands MAI’s presence in Cleveland and adds dedicated wealth management expertise to the growing team. As a result of the transaction, Mark Van Drunen joined MAI as a Senior Wealth Advisor and Team Leader, Managing Director.
“Ownership Advisors is well-regarded within the Cleveland business community for its commitment to quality client services,” said Rick Buoncore, Managing Partner at MAI. “We share the same dedication to our clients, providing them with comprehensive financial planning services to help meet their long-term goals. We are excited to expand our reach and capabilities with the addition of this talented team.”
“The partnership with MAI offers our clients access to more comprehensive wealth management offerings plus the security of a much larger firm. We look forward to a successful partnership going forward,” stated Richard Tanner.
The transaction was first announced on March 29, 2021 as MAI’s 11th acquisition since 2017 when MAI took a minority investment from Wealth Partners Capital Group (“WPCG”), a financial services holding company. Last year, MAI completed three strategic acquisitions that established the firm’s presence in new geographies, including its acquisition of Smith Capital Management in Little Rock, Arkansas, Greenway Family Office in St. Louis and Grisanti Capital Management in New York City. Earlier this year, MAI announced its acquisition of HW Financial Advisors, a Beachwood, Ohio-based wealth manager and, most recently, MWM Investment Consulting in Naples, Florida.
The transaction closed on April 30, 2021. Financial and legal terms of the deal will not be disclosed.
About MAI Capital Management
MAI Capital Management (“MAI”) is a fee-based registered investment adviser and wealth management firm based in Cleveland, with additional offices in Cincinnati, OH, Ponte Vedra Beach and Naples, FL, Nashua, NH, Irvine, CA, Reston, VA, Little Rock, AR, New York City and St. Louis and a presence in Columbus, OH and Miami. As of March 31, 2021, MAI’s assets under management totaled $10.3 billion. The firm also provides comprehensive investment management and planning services to high-net-worth individuals, families and athletes. MAI is led by Managing Partner Rick Buoncore. For more information, please visit www.mai.capital.
About Wealth Partners Capital Group
Wealth Partners Capital Group (“WPCG”) is a financial services holding company, which has partnered with MAI Capital Management (“MAI”). WPCG assists MAI by identifying and integrating like-minded registered investment advisers who are seeking access to expanded business capabilities, strategic growth and customized transition solutions. The WPCG management team is led by partners John W. Copeland, Rich Gill and Sean Bresnan. For more information, please visit www.wealthpcg.com.
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Marissa Foy Comerford
Gregory FCA for MAI Capital