MAI Capital Management has recruited another financial adviser in Northeast Ohio who adds $50 million in assets under management (AUM) to the growing firm.
MAI said that it has hired Dexter James of Cuyahoga Falls, who has run a boutique advisory firm as an affiliate of Ameriprise Financial Services since 2005. The addition builds on MAI’s presence in the Cleveland region.
James becomes a senior wealth adviser and managing director at MAI with the move.
“As we continue to grow, aligning with like-minded professionals who share our cultural values and client-first philosophy remains a priority for us,” said MAI managing partner Rick Buoncore in a statement. “Dexter represents the traits we value at MAI, and we are thrilled to leverage his experience in providing holistic wealth management solutions for clients.”
“This partnership allows me to dedicate more time to our clients and provide more consistent financial planning and investment advice,” James added.
MAI reported total regulatory AUM of $14.4 billion and 246 employees as of Aug. 17, according to its most recent public filing.
This deal is just the latest in a spree of ongoing partnerships and acquisitions for MAI. A couple of outside investments have been helping it on that journey.
One is Wealth Partners Capital Group of Florida, which acquired a 40% stake in MAI in 2017.
MAI also is supported by private equity-backed Galway Insurance Holdings, which acquired a majority stake in the firm in the third quarter of 2021. Wealth Partners retained a minority position in MAI following that deal.
Cleveland-based MAI has completed several acquisitions of its own since it was purchased by Galway. That includes the recent roll-up of Pareto Wealth Management earlier this month, which was a division of Cleveland’s McDonald Partners.