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MAI Acquires Monarch Business & Wealth Management

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Registered investment advisor firm MAI Capital Management said it acquired Monarch Business & Wealth Management and its strategic partner Regal Wealth Management.

Founded in 2008, New York-based Monarch aims to provide financial planning and business management services to high-net-worth families, artists, entertainers and professional athletes, according to MAI. Regal, which was launched in 2020, provides wealth management services such as goals-based investment management, tax planning, legacy planning and assistance with business and personal financing, MAI said.

The acquisition will add a team of financial planning and investment professionals to MAI’s Sports + Entertainment division, expand its family office practice and increase its client assets by more than $163 million, it said. Monarch chief executive officer Barry Klarberg will assume the role of senior managing director at MAI, it said.

“Our acquisition of Monarch and Regal is an important step forward in our intentional growth strategy,” Rick Buoncore, managing partner at MAI, said in a statement.

The acquisition “will expand our capabilities in core areas, including family office and our Sports + Entertainment Division, which will be a significant driver in MAI’s future growth,” he added in a statement.

MAI did not disclose the terms of the deal, which closed Dec. 17, 2021.

The acquisition is MAI’s fifth since being acquired itself by insurance firm Galway Holdings in September 2021, MAI said. The other four firms were Rockville, Maryland-based Investment Planning Associates; Charlotte, North Carolina-based Queens Oak Advisors; Deerfield, Illinois-based Hochman Cole Investment Advisors and North Canton, Ohio-based Storey & Associates.