MAI Capital Acquires $570M RIA
MAI Capital Management has acquired a California-based registered investment advisor firm that oversees $570 million under management.
Summit Financial Advisors, founded in 1998, is led by Rafael Velez. Since the firm’s inception, Summit has provided “personalized” wealth management, tax planning, and financial planning to affluent and high-net-worth clients, families, executives, and entrepreneurs.
The firm also specializes in assisting in equity-based compensation, concentrated stock portfolios, and complex tax strategies, the firm said.
Per the acquisition, Summit will integrate into MAI’s platform, which will allow the firm to gain access to “expanded” resources from MAI Capital to serve the firm’s clientele.
Additionally, the Summit team of five employees will remain at the firm, and Velez will assume the role of regional president and senior managing director as part of MAI, the firm said.
“Bringing Summit into the fold highlights the ongoing momentum of MAI’s growth strategy and our commitment to building with intention – partnering with teams that align with our culture and client-first values,” Rick Buoncore, CEO of MAI Capital Management, said to Connect Money.
MAI is actively pursuing M&A opportunities in Texas, Arizona and Southeast Florida, and seeking to expand its brand in priority markets.
Financial terms of the deal, which closed on September 12, were not disclosed.
This acquisition marks MAI’s second transaction for the year, a MAI Capital spokesperson said to Connect Money. However, the firm did not disclose how many other M&A deals it plans to make for the remainder of the year.
Recently, MAI Capital announced its plans to acquire Los Angeles-based Evoke Advisors, which oversees $27 billion in client assets. The deal is expected to close in the last quarter of the year.
MAI Capital Management, founded in 1973, is backed by Galway Holdings with a minority stake from Wealth Partners Capital Group and oversees nearly $35 billion in total assets.
Pictured: Rick Buoncore