The acquisition introduces a new business unit for MAI, adding retirement plan consulting capabilities and marking its formal entry point into the retirement plan space
CLEVELAND–(BUSINESS WIRE)–MAI Capital Management, LLC (“MAI”), a registered investment adviser specializing in comprehensive investment and financial planning for high-net-worth individuals and families, has acquired West Point Business Group (“West Point”). The acquisition adds specialized retirement plan consulting talent and facilitates the launch of MAI Retirement, a dedicated retirement plan service line.
Based in Ponte Vedra Beach, Florida, West Point provides fiduciary-based retirement plan consulting and financial wellness programs for businesses, as well as comprehensive wealth management for individuals and families. The firm creates customized solutions for its retirement clients and will establish MAI’s presence in the defined contribution and defined benefit plan space by leveraging MAI’s network of professionals and sister organizations.
West Point partners C. Clayton Perry and Keola J. Elobt will both assume roles as Managing Director and Group Head of MAI Retirement; they will be joined by four other West Point team members at MAI Retirement. Additionally, MAI Retirement has appointed Jason Hamilton, who brings over 27 years of industry experience, as Director of Retirement.
“As we have grown, we have become deeply invested in our talent and solution set,” said Rick Buoncore, Managing Partner at MAI. “This focus has laid the groundwork for our partnership with the West Point team and the founding of MAI Retirement. We are excited to leverage their experience and insights to broaden our service offerings for a larger group of clients as we set out to enhance our national offering and scale.”
Clay added: “We have worked with MAI for the last 5 years and have seen up close the quality of the company and the people. We are excited to join the MAI team and look forward to building a national retirement plan platform across the enterprise.”
MAI’s acquisition of West Point is the firm’s 10th deal since Galway Holdings (“Galway”), a leading financial services distribution company, completed its acquisition of MAI in September 2021. The firm has shown significant success since this partnership and is focused on continued growth throughout the remainder of 2022 and into 2023.
This year, MAI announced its partnership with Prime Investment Advisors in Bethesda, Maryland; Pareto Wealth Management in Northeast Ohio; Intersect Capital in San Ramon, California; Winfield Associates in Cleveland, Ohio; and Monarch Business & Wealth Management in New York City. Prior to that, MAI acquired Investment Planning Associates located in Rockville, Maryland; Queens Oak Advisors in Charlotte, North Carolina; Hochman Cole Investment Advisors, based in the Chicagoland area; Storey & Associates, located in North Canton, Ohio; HW Financial Advisors in Cleveland, Ohio; the wealth management division of Ownership Advisors in Cleveland, Ohio; MWM Investment Consulting located in Naples, Florida; and Geier Asset Management in Baltimore, Maryland.
“MAI is dedicated to providing a comprehensive suite of services to its clients, and the addition of dedicated retirement plan consulting services elevates the firm’s overall value proposition,” said John Hahn, Executive Chairman at Galway.
The acquisition closed on Sept. 30, 2022, and adds approximately $230 million in assets under management and $568 million in retirement plan assets (as of 8/31/22).
About MAI Capital Management
MAI is a fee-based registered investment adviser and wealth management firm based in Cleveland with 18 additional offices nationwide. As of August 31, 2022, MAI’s assets under management totaled $14.7 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 Galway Holdings
Galway Holdings, LP (“Galway”) is a diversified financial services distribution platform focused on product distribution and differentiated client service leveraging technology, data analytics, and innovative risk-sharing solutions.
Contacts
Media
Kara Lester
Gregory FCA for MAI Capital
MAI@GregoryFCA.com
610-228-2119
