MAI Capital Management LLC has acquired Greenway Family Office LLC, a provider of financial planning services for its high-net worth family and business owner clients. No financial terms were disclosed.
CLEVELAND–(BUSINESS WIRE)–MAI Capital Management, LLC (“MAI”), an independent registered investment adviser specializing in comprehensive investment and financial planning for high-net-worth individuals and families, announced its acquisition of Greenway Family Office, LLC (“GFO”). The acquisition extends MAI’s reach to St. Louis and adds expertise for the specialized client group of families and business owners.
GFO was founded in 2010 by Joan Malloy with the objective of providing comprehensive solutions and strategic financial planning services for its high-net-worth family and business owner clients. Malloy drew on her 20-year career in the financial services space to design a family office structure that partnered with clients to meet their diverse needs. In the last 10 years, the firm has helped improve its clients’ family governance, business and transition planning, financial and investment management, and lifestyle management and special projects.
“Throughout the last decade, Joan and her team have fostered a deep commitment to serving clients at the highest level, a sentiment our MAI team shares,” said Rick Buoncore, Managing Partner at MAI. “As we continue to grow, our goal is to expand capabilities in core areas and harness the expertise that will most benefit our clients. Joan’s leadership and specialization in serving wealthy families and business owners will be a significant driver in MAI’s future growth.”
Malloy will assume the role of Regional Managing Director, Family Office at MAI. The remaining members of the GFO team will join MAI, as well.
“The MAI team embodies a culture of superior service and provides a personalized touch for its clients,” said Malloy. “This approach mirrors our team’s foundational beliefs. As we align our focuses, we will be better positioned to serve our clients and offer more robust solutions to help them meet their goals.”
This is MAI’s second acquisition of 2020 and eighth since taking a minority investment from Wealth Partners Capital Group (“WPCG”), a financial services holding company, in July 2017. Last year, the firm completed five transactions, including regional expansions to Reston, Virginia, Cincinnati and New York City. MAI also entered into a joint venture with North Carolina-based Curi to create Curi Capital, an RIA that caters to physicians. The team has actively expanded its teams in these regions with a series of strategic new hires in recent months.
“MAI has been intentional in its growth trajectory, expanding its reach to new regions and adding talent to enhance its service model,” commented Rich Gill, Senior Partner at WPCG. “MAI’s proven success in managing growth and aligning with like-minded firms will continue to drive its success in the future.”
The acquisition closed on Nov. 20, 2020, and will increase MAI’s assets under management by over $500 million. Financial and legal terms of the deal were not disclosed.
About MAI Capital Management
MAI Capital Management (“MAI”) is a fee-based registered investment adviser and wealth management firm based in Cleveland, with additional offices in Cincinnati and Columbus, OH, Ponte Vedra Beach, FL, Nashua, NH, Irvine, CA, Reston, VA, and New York City. As of September 30, 2020, MAI’s assets under management totaled more than $7.7 billion. The firm also provides comprehensive investment management and planning services to high-net-worth individuals, families and athletes. MAI is led by Managing Partner Rick Buoncore. For more information, please visit www.mai.capital.
About Wealth Partners Capital Group
Wealth Partners Capital Group (“WPCG”) is a financial services holding company, which has partnered with MAI Capital Management (“MAI”). WPCG assists MAI by identifying and integrating like-minded registered investment advisers who are seeking access to expanded business capabilities, strategic growth and customized transition solutions. The WPCG management team is led by partners John W. Copeland, Rich Gill and Sean Bresnan. For more information, please visit www.wealthpcg.com.