MAI Capital Management snaps up $662M Concentric

MAI Capital Management has expanded its presence on the West Coast yet again.

Bạn đang xem: MAI Capital Management snaps up $662M Concentric

On Monday, the Cleveland, Ohio-headquartered aggregator revealed it snapped up Concentric Wealth Management, a Lafayette, California-based RIA managing approximately $662 million in assets.

MAI had offices across 16 states and manages $30.3 billion in total assets as of September 30.

Xem thêm : Suze Orman: 3 Things To Do To Start Retirement Planning in 2025

The Concentric deal, which closed on December 31, marks MAI’s second in the region in 2024 following its acquisition of Traverso Chambers Private Wealth Management earlier in the year.

Founded in 2008 by Eric Flett and Stewart McGuire, Concentric specializes in providing wealth and investment management services to individuals and families in the high-net-worth space, with a focus on tax-efficient, globally diversified portfolios. The firm’s offerings include family wealth transfer and estate planning, tax planning, risk management, executive benefits coordination, and business transition strategies.

“As we continue to grow our presence on the West Coast, we are excited to bring on a talented team from Concentric that shares our core values of serving our clients, our communities, and each other,” Rick Buoncore, executive chairman of MAI, said in a statement Monday.

Buonocore went on to highlight the Concentric team’s “skilled investment management and high-touch financial planning” along with their “positive impact on their community through financial education and charitable work.”

Xem thêm : My Husband and I Fight Over Who Inherits Our Wealth. How Do We Decide?

Concentric will operate under MAI’s brand and benefit from its internal infrastructure, including human resources, operations, and marketing support. Both Flett and McGuire will transition into roles as regional presidents within MAI.

“Since our founding, we have worked hard to grow one client at a time and place our clients’ interests at the center of everything we do,” said McGuire.

For Flett, the partnership sets his firm up for its “next phase of growth [by providing] the tools and resources to continue to provide cutting-edge solutions to our clients.”

The news of the Concentric acquisition comes on the heels of another deal reveal from MAI. In that announcement last week, the firm officially welcomed Garrison Asset Management, an Arkansas-based wealth firm.