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Investment adviser MAI Capital Management LLC has acquired MTX Wealth Management LLC, expanding its footprint into the greater Washington, D.C., market while also bolstering its growing specialty practice supporting athletes, coaches and professionals in the sports industry.

MTX, a financial and investment adviser to high-net-worth individuals, including professional athletes and entertainers, will consolidate its sports-related advisers into a dedicated service group within MAI, branded MAI Sports.

MTX President Steve Trax will continue to oversee the Reston, Va., office as MAI Regional Director and will assume the role of Managing Director at MAI Sports, working alongside MAI’s John Palguta, Managing Director, to lead the firm’s expanded sports-focused business unit.

This is MAI’s third acquisition since taking a minority investment from WPCG, a financial services holding company, in July 2017. MAI acquired the wealth management division of Calfee Financial Advisors last year and the wealth management division of CCI Financial Group Inc. in April.

The acquisition closed on June 14, and will increase MAI’s assets under management by over $400 million.