MAI Capital Management, LLC, a leading independent registered investment adviser that specializes in comprehensive investment and financial planning for high-net-worth individuals and families, has completed its acquisition of the wealth management division of Ownership Advisors, Inc. following customary closing conditions. Ownership Advisors will continue to operate as an independent family wealth advisory firm focused on protecting lifestyles and legacies for families of faith, led by Richard Tanner, Chief Executive Officer. The acquisition of the wealth management division of Ownership Advisors further expands MAI’s presence in Cleveland and adds dedicated wealth management expertise to the growing team. As a result of the transaction, Mark Van Drunen joined MAI as a Senior Wealth Advisor and Team Leader, Managing Director.
The transaction was first announced on March 29, 2021 as MAI’s 11th acquisition since 2017 when MAI took a minority investment from Wealth Partners Capital Group (“WPCG”), a financial services holding company. 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 and, most recently, MWM Investment Consulting in Naples, Florida.
The transaction closed on April 30, 2021. Financial and legal terms of the deal will not be disclosed.
