MAI Capital Management to Acquire Ownership Advisors
Acquisition will enhance MAI's presence in Cleveland and expand the firm's wealth management capabilities
CLEVELAND – March 29, 2021 – 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 entered into an agreement to acquire the wealth management business of Ownership Advisors, Inc. (“OAI”). The partnership increases MAI’s in-house wealth management capabilities and strengthens the firm’s Cleveland presence.
OAI is based in Cleveland and provides comprehensive financial planning and wealth management services for high-net-worth individuals and families. The firm specializes in supporting wealth accumulation, intergenerational wealth management and legacy planning for its clients. OAI President Mark Van Drunen has over two decades of financial services industry experience and will assume the role of Managing Director at MAI.
“MAI’s history of success can be attributed to our commitment to clients and designing strategic and personalized plans that meet their individualized goals,” said Rick Buoncore, Managing Partner at MAI. “We see this same philosophy woven into OAI’s culture, which is driven by defined core values and their dedication to providing quality planning and strategic advice to clients. We are excited to welcome Mark and his team to MAI.”
“Throughout our history, we have been incredibly thoughtful in our work with clients, as well as the partners we seek to best serve them,” commented Van Drunen. “In considering our future, we sought a partner who shares our values and philosophy, which are embodied by the MAI team.”
This is MAI’s 11th acquisition since taking a minority investment from Wealth Partners Capital Group (“WPCG”), a financial services holding company, in July 2017. 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.
“Rick and the MAI team are focused on providing superior wealth management resources, tools and expertise for their clients,” said John Copeland, Managing Partner at WPCG. “This partnership with OAI allows MAI to expand its expertise and continue growing its wealth management presence in Cleveland and beyond.”
The deal with OAI is subject to customary closing conditions and is anticipated to close during the second quarter of 2021. OAI’s assets under management totaled approximately $120 million as of Dec. 31, 2020. 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, FL, Nashua, NH, Irvine, CA, Reston, VA, Little Rock, AR, New York City and St. Louis. As of Feb. 28, 2021, MAI’s assets under management totaled $10 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 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.