MAI Money rolls up wealth management business of Ownership Advisors

MAI Capital Management has announced an settlement to obtain the wealth management business enterprise of Ownership Advisors Inc. of Independence in a offer that adds about $120 million in assets under administration (AUM) to the Cleveland-primarily based registered investment adviser (RIA).

Conditions of the deal, scheduled to shut in the second quarter, have been not disclosed.

It is the second acquisition by MAI this 12 months in the Cleveland marketplace, subsequent the rollup of Beachwood’s HW Money Advisors, a previous affiliate of accounting company HW&Co., which was announced in January.

In concert with the offer, Ownership Advisors president Mark Van Drunen will join MAI as a running director.

“In the course of our heritage, we have been amazingly thoughtful in our perform with customers, as perfectly as the companions we seek to very best provide them,” Van Drunen reported in a assertion. “In thinking about our foreseeable future, we sought a husband or wife who shares our values and philosophy, which are embodied by the MAI team.”

“MAI’s history of good results can be attributed to our determination to shoppers and coming up with strategic and individualized ideas that meet their individualized plans,” additional MAI taking care of spouse Rick Buoncore in a statement. “We see this exact philosophy woven into OAI’s culture, which is pushed by defined core values and their devotion to offering high quality scheduling and strategic tips to consumers. We are enthusiastic to welcome Mark and his staff to MAI.”

MAI has been a standard acquirer of other RIAs as aspect of its development strategy. Backing it up on those attempts is Wealth Partners Cash Team of Florida, which obtained a 40{f13b67734a7459ff15bce07f17c500e58f5449212eae0f7769c5b6fbcf4cc0c4} stake in MAI in 2017.

The Ownership Advisors offer is the 11th because the inception of that partnership and follows a few acquisitions accomplished in 2020. Considering that 2017, acquisitions have aided strengthen AUM at MAI from $4.5 billion to, with the Possession Advisors addition, about $10 billion.