MAI Capital Management LLC, an independent registered investment adviser specializing in comprehensive investment and financial planning for high-net-worth individuals and families, is partnering with Smith Capital Management Inc. The partnership establishes MAI’s presence in Little Rock, Arkansas, and provides a foundation to facilitate future growth and expanded service across the Northwest region of the state.
SCM began offering robust wealth management services more than 35 years ago, helping its high-net-worth clients achieve their financial goals through customized solutions and personalized client service. The firm also offers financial counsel to foundations and oversees the management of corporate retirement plans. The senior partners of SCM, Stephen Chaffin and Jay White, will become Regional Managing Directors at MAI.
This is MAI’s third partnership of 2020 and ninth since taking a minority investment from Wealth Partners Capital Group, a financial services holding company, in July 2017. The firm acquired Greenway Family Office, LLC last month, expanding its presence to St. Louis. Last year, MAI completed five transactions, including regional expansions to Reston, Virginia, Cincinnati and New York City.
The deal closed on December 11, 2020, and will increase MAI’s assets under management by over $500 million. Financial and legal terms of the deal were not disclosed.
