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MAI Capital Management Acquires Monarch Business & Wealth Management

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MAI Capital Management Acquires Monarch Business & Wealth Management

The acquisition, which also includes strategic partner Regal Wealth Management, expands MAI's nationwide presence while adding to its Sports + Entertainment Division

 

CLEVELAND & NEW YORK – Jan. 3, 2022 – MAI Capital Management, LLC (“MAI”), a registered investment adviser specializing in comprehensive investment and financial planning for high-net-worth individuals, families, professional athletes and entertainers, has acquired New York Based Monarch Business & Wealth Management, LLC (“Monarch”) and its strategic partner, Regal Wealth Management, LLC (“Regal”). The acquisition expands MAI’s presence nationwide and adds an experienced team of financial planning and investment professionals to the firm’s Sports + Entertainment Division.

Monarch was founded in 2008 by CEO Barry Klarberg with the goal of delivering innovative and personalized financial planning and business management services to high-net-worth families, artists, entertainers, and professional athletes. Launched in 2020, Regal offers a complementary array of wealth management services, including goals-based investment management, tax planning, legacy planning, and assisting with both business and personal financing. Klarberg will assume the role of Senior Managing Director at MAI.

Klarberg has managed several high-profile music artists, entertainers, and prominent athletes over the last 35 years. In addition, Klarberg holds an ownership stake in three American professional sports franchises including the New York Yankees since 2011.

“Our acquisition of Monarch and Regal is an important step forward in our intentional growth strategy,” said Rick Buoncore, Managing Partner at MAI. “Their team’s unwavering commitment to client success integrates perfectly with our philosophy. This partnership 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.”

This is MAI’s fifth acquisition since Galway Holdings (“Galway”), a leading financial services distribution company, completed its acquisition of MAI in September 2021. The partnership with Galway positions MAI for ongoing and strategic growth through M&A and organic activity and broadens its client service offerings. Recently, MAI announced its acquisition of Investment Planning Associates located in Rockville, Maryland; Queens Oak Advisors in Charlotte, North Carolina; Hochman Cole Investment Advisors, based in the Chicagoland area; and Storey & Associates, located in North Canton, Ohio. Earlier in 2021, MAI acquired HW Financial Advisors and the wealth management division of Ownership Advisors, both based in the Greater Cleveland area; along with Naples, Florida-based MWM Investment Consulting and Baltimore-based Geier Asset Management.

“We are excited to partner with MAI and Galway to further strengthen our financial services to help meet the unique needs of our clients,” Klarberg noted.

Jay Williams, Monarch Partner and TV Personality, added: “I am looking forward to this new partnership with MAI and Galway and the opportunities it presents for our organizations and clients. We will make great things happen together.”

“Our partnership with Barry Klarberg and his team strengthens our ability to provide strategic wealth management guidance and customized solutions to address the unique needs of high-net-worth families, particularly in the sports and entertainment space,” added John Hahn, Executive Chairman at Galway.

The acquisition closed on Dec. 17, 2021 and will expand MAI’s family office practice and increase assets under management by over $163 million. Financial and legal terms of the deal were not disclosed.

 

About MAI Capital Management

MAI is a fee-based registered investment adviser and wealth management firm based in Cleveland with 16 additional offices nationwide. As of Nov. 30, 2021, MAI’s assets under management totaled $12.2 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.

 

About Galway Holdings

Galway Holdings, LP (“Galway”) is a financial services distribution company. It includes EPIC Insurance Brokers & Consultants and a diversified brokerage distribution and underwriting platform, with a focus on data analytics, technology transformation and innovative risk-sharing solutions.