MAI buys Grisanti Capital Management

MAI Capital Management has acquired Grisanti Capital Management LLC, a New York-based asset manager.

MAI Capital Management has acquired Grisanti Capital Management LLC, a New York-based asset manager. No financial terms were disclosed. In addition to the transaction, Christopher Grisanti, the former CEO of GCM, will become the chief equity strategist and senior portfolio manager at MAI.

PRESS RELEASE

CLEVELAND–(BUSINESS WIRE)–MAI Capital Management, LLC (“MAI”), an independent registered investment adviser specializing in comprehensive wealth management for high-net-worth individuals and families, announced its acquisition of Grisanti Capital Management, LLC (“GCM”). This partnership was born out of a decades-long friendship and professional relationship between Christopher Grisanti and Rick Buoncore. The all-equity transaction builds on MAI’s recent expansion to New York City and adds an experienced team of investment professionals to MAI’s ranks.

GCM was founded over 20 years ago by Grisanti with the goal of delivering innovative and personalized investment solutions to meet its clients’ financial goals, and has prided itself on bottom-up portfolio management based on proprietary research. Since its founding, the firm has employed a disciplined and patient approach to the markets, focusing on two long-term equity strategies to achieve success: the Grisanti Large Cap Value Portfolio and the Grisanti High Income Equity Portfolio.

“We continue to be strategic in our growth, and the acquisition of GCM is a strong example of our approach,” said Rick Buoncore, Managing Partner at MAI. “Chris and I have been friends for many years and his client-centric vision aligns perfectly with MAI’s philosophy. The GCM team brings an established portfolio management style that exemplifies MAI’s commitment to long-term success for clients.”

Grisanti, formerly Chief Executive Officer of GCM, will assume the role of Chief Equity Strategist and Senior Portfolio Manager at MAI. In this position, he will oversee the construction of MAI’s equity products and continue his role as a portfolio manager. The remaining members of Grisanti’s team, including Rashida Alexander, Suzanne Fawbush, Tom Marra and Mike Pietzak, will join MAI as well.

“As economies of scale became increasingly desirable, we searched for years to find the perfect partner. MAI offers an abundance of resources while also granting us the freedom to continue nurturing long-standing relationships with our clients,” noted Grisanti. “I have known Rick professionally and personally for more than 25 years and have seen how MAI has grown under his leadership. The team has a track record of supporting the firms it joins forces with, and that gives me confidence in our future together. We couldn’t be more excited.”

“MAI continues to emerge as a leader in the RIA industry by consistently displaying a strong commitment to growth,” remarked John Copeland, Managing Partner at Wealth Partners Capital Group (“WPCG”). “This acquisition underscores MAI’s core philosophy of putting its clients first and thoughtfully pursuing acquisitions that support this view — especially important in today’s environment.”

This is MAI’s first acquisition of 2020 and seventh since taking a minority investment from WPCG, a financial services holding company, in July 2017. Last year, the firm completed five transactions, including regional expansions to Reston, Virginia, with the acquisition of MTX Wealth Management, Cincinnati with the addition of John D. Dovich & Associates, and New York City with the acquisition of J.M. Hartwell. MAI also entered into a joint venture with Curi to establish Raleigh, North Carolina-based Curi Capital, a full-service financial advisory firm that caters to the physician community.

The acquisition closed on May 15, 2020, and will increase MAI’s assets under management by over $225 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 April 30, 2020, MAI’s assets under management totaled approximately $6.7 billion. The firm also provides comprehensive wealth management services, including planning and investment offerings 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.