MAI Capital Administration, a Cleveland-based registered funding advisor with about $30.3 billion in belongings underneath administration and advisement, has acquired Concentric Wealth Administration, a Lafayette, Calif.-based agency with six people and $662 million in consumer belongings.
Phrases of the deal, efficient on Dec. 31, 2024, weren’t disclosed. Concentric was MAI’s second West Coast acquisition in 2024, following its take care of Traverso Chambers Non-public Wealth Administration in Santa Rosa, Calif., in January of final yr.
Concentric was based in 2008 by Eric Flett and Stewart McGuire, who will tackle MAI branding and be a part of as regional presidents. They are going to use MAI’s human assets, operations and advertising and marketing assets.
Previous to founding Concentric, Flett was a portfolio supervisor at First Republic Funding Administration. McGuire was with HC Monetary Advisors, a Bay Space RIA acquired by The Mather Group in 2022.
Cleveland-based MAI was based in 1973 underneath the title Funding Advisors Worldwide. It was initially shaped to offer specialised companies for professional golfer Arnold Palmer, however the agency finally expanded to different athletes.
In 2007, Govt Chairman Rick Buoncore purchased and rebranded the agency to MAI Capital Administration. It’s now based mostly in 16 states, has greater than 475 staff and has about $30 billion in AUA and AUM.
In 2021, Galway Holdings introduced it will take a majority stake within the agency, whereas Wealth Companions Capital Group retained a minority curiosity and remained a part of MAI’s mergers and acquisitions crew.
Galway’s capital meant MAI might speed up its acquisition technique, which started in 2019 with 5 additions.
The Concentric transfer follows MAI’s latest deal to purchase Garrison Asset Administration, a Fayetteville, Ark.-based RIA with $317 million in AUM.
In December, MAI introduced its acquisition of Carmichael Hill & Associates, a Gaithersburg, Md. RIA with about $350 million in AUM.