MAI Capital Management has bought the wealth management business of Calfee Financial Advisors Inc., expanding its presence in Greater Cleveland and welcoming back one of its own.

CFA founder Peter Calfee once served as vice president at Investment Advisors International, the financial planning arm of International Management Group. In 1997, that company became MAI. So Peter, in a sense, has rejoined MAI, this time as its managing director.

“MAI is a homecoming for me,” Calfee said in a statement, “and I’m especially excited to join an established firm with a like-minded culture, expanded offerings and a deep and experienced management team.”

Doug Andrassy comes with him as director and wealth manager. “We are thrilled to again partner with Peter, whom we know well,” said Rick Buoncore, managing partner at MAI. “He has built a great business and shares our commitment to client service.”

This is MAI’s first acquisition since July 2017, when the firm announced a new strategy and accepted a minority investment from Wealth Partners Capital Group.