MAI Capital Management, a Cleveland, OH-based independent registered investment adviser specializing in comprehensive investment and financial planning for high-net-worth individuals and families, acquired MTX Wealth Management, a Reston, Virginia-based financial and investment advisor to high-net-worth individuals.
The acquisition closed on June 14, 2019 and will increase MAI’s assets under management by over $400m.
The amount of the deal was not disclosed.
The addition of MTX expands MAI’s presence to the greater Washington, D.C. market, serving high-net-worth entrepreneurs and families, while also bolstering its specialty practice supporting athletes, coaches and professionals in the sports industry. Founder and President Steve Trax, CPA, CFP®, will continue to oversee the office as MAI Regional Director, working alongside MAI’s John Palguta, CPA, CFP®, Managing Director.
Located in Reston, Virginia, MTX is a full-service financial and investment advisor to high-net-worth individuals including professional athletes and entertainers.
Led by Managing Partner Rick Buoncore, MAI Capital Management is a fee-based registered investment adviser and wealth management firm based in Cleveland, OH, with additional offices in Columbus, OH, Ponte Vedra Beach, FL, Nashua, NH and Irvine, CA. The firm manages and advises approximately $5.4 billion in assets as of March 31, 2019, and provides comprehensive investment management and planning services to high-net-worth individuals, families and athletes. MAI assists over 1,200 clients.
FinSMEs
17/06/2019