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MAI Acquires Rodman Capital Management

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MAI Capital Management Acquires Rodman Capital Management

Acquisition supports MAI's growth within Ohio and fortifies the firm's investment management expertise

 

CLEVELAND – December 9, 2019 – MAI Capital Management, LLC (“MAI”), an independent registered investment adviser specializing in comprehensive investment and financial planning for high-net-worth individuals and families, announced its acquisition of Rodman Capital Management (“RCM”).

Located in Alliance, Ohio, RCM provides investment management for individuals, trusts, retirement plans, charitable organizations, corporations and estates. Since establishing the firm in 1988, David Rodman has provided professional investment management for clients to help them build a secure financial future. Rodman will assume the role of Wealth Manager and Managing Director at MAI.

“Over the last 30 years, David has demonstrated a commitment to designing quality investment management strategies and solutions that help his clients meet their financial goals,” said Rick Buoncore, Managing Partner at MAI. “He maintains a fiduciary approach, which is central to MAI’s client-first philosophy. We are excited to add David to our team and continue offering goals-based investment management solutions to our clients.”

“Joining with MAI provides an exceptional long-term solution for my clients,” said David Rodman. “I see an outstanding opportunity for my clients with MAI, as MAI brings the full depth and breadth of its considerable resources and experience to bear on helping my clients to achieve their financial goals.”

“MAI has achieved marked growth over the last two years, and has been strategic in identifying those partners who share the firm’s philosophy on planning and client service,” said John Copeland, Managing Partner at Wealth Partners Capital Group (“WPCG”). “This partnership aligns with MAI’s vision for growth and continues the firm’s mission of providing families and individuals with customized planning and investment expertise.”  

This is MAI’s fifth acquisition since taking a minority investment from WPCG, a financial services holding company, in July 2017. Earlier this year, MAI extended its geographic footprint with the acquisition of MTX Wealth Management in Reston, Virginia, in June 2019 and partnership with John D. Dovich & Associates in Cincinnati in July 2019. Previously, MAI acquired the wealth management division of CCI Financial Group in Akron, Ohio, in April 2019 and the wealth management division of Calfee Financial Advisors in Chagrin Falls, Ohio, in February 2018.

The acquisition closed on December 6, 2019 and will increase MAI’s assets under management by more than $75 million. 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, Ohio, with additional offices in Cincinnati and Columbus, OH, Ponte Vedra Beach, FL, Nashua, NH, Irvine, CA and Reston, VA. As of September 30, 2019, MAI’s assets under management totaled more than $6 billion and assets under advisement totaled more than $740 million.  Assets under advisement include accounts for which MAI is engaged to advise on but not actively manage and accounts managed by third-party advisors using an MAI model.  In total, MAI managed or advised on more than $6.8 billion in client assets as of September 30, 2019. 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.

 

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.