MAI Capital to Acquire Evoke Advisors, Creating $60B RIA Powerhouse 

MAI Capital Management has agreed to acquire Los Angeles-based Evoke Advisors, a $27 billion RIA, in a transformative deal that will create a combined wealth management platform overseeing more than $60 billion in assets across over 30 offices nationwide. The merger not only broadens MAI’s geographic reach but also enhances its ability to serve ultra-high-net-worth individuals, families, and institutions with an expanded suite of advisory and family office services. 

Evoke, co-founded by David Hou, brings expertise across investment advisory, trust and estate planning, tax strategy, accounting, and institutional consulting. “When discussions with Evoke began, we quickly realized that the entire group shared our client-centric culture and provided specialized offerings that complement our own,” said Rick Buoncore, Chairman & CEO of MAI. Hou added that the decision to join forces “gives our team the scale and resources to deepen our offerings while preserving the vision that brought us to this point.” 

The deal, expected to close in Q4 2025, underscores the accelerating consolidation trend in the RIA industry as firms compete to capture UHNW market share. Founded in 1973 and headquartered in Cleveland, MAI is backed by Galway Holdings with a minority stake from Wealth Partners Capital Group and oversees nearly $35 billion in assets across a client base that includes professional athletes, entertainers, and senior executives. 

AO Shearman is serving as legal counsel to MAI, while Ardea Partners LP is advising Evoke, with Ropes & Gray acting as its legal counsel.