Greater Cleveland-area acquisition supports MAI’s growth initiative
MAI Capital Management (“MAI”), an independent registered investment adviser that specializes in comprehensive investment and financial planning for high net worth and ultra-high net worth individuals and families, has acquired the wealth management business of CCI Financial Group Inc. (“CCI”).
Located in Akron, Ohio, CCI offers financial planning, investment advisory, tax, accounting and family business consulting services. Under the leadership of Jeffrey “Jeff” Reitzes, CCI has championed a fiduciary approach to financial planning and investment management since 1981. Reitzes will assume the role of Managing Director at MAI.
“Both MAI and CCI have a long history of client service,” said Rick Buoncore, Managing Partner at MAI. “Jeff built a business on a strong foundation of trust and a dedication to providing specialized services and solutions, which are core MAI values. We look forward to honoring this trust, while offering CCI clients access to new capabilities in investment management and retirement, estate and legacy planning, as well as family office services.”
“MAI shares our philosophy of putting clients first and providing comprehensive financial planning and investment management solutions that meet our clients’ objectives,” said Reitzes. “As we looked to the next phase of our business, we proactively sought a partner who mirrored our firm’s culture, and we saw great value in MAI’s commitment to providing enhanced resources, tools and solutions for our clients.” This is MAI’s second acquisition since taking a minority investment from Wealth Partners Capital Group (“WPCG”), a financial services holding company, in July 2017. MAI acquired the wealth management division of Calfee Financial Advisors last year.
The acquisition closed on April 15, 2019 and will increase MAI’s assets under management by over $100 million. Financial and legal terms of the deal were not disclosed.