MAI Buys $144M Cincinnati Investment Managment Firm
MAI Capital Management LLC, a registered investment adviser (RIA) focused on investment and financial planning for high-net-worth individuals and families, has acquired, a Cincinnati-based investment management firm with $144 million in assets under management.
WaterStone Investment Counsel, founded in 1995 by Mark Roberts and Don Brosz, provides management and counseling services to individuals, businesses, and foundations across a number of asset classes and investment vehicles
Financial terms of the deal, which closed on January 19, were not disclosed.
This is MAI’s 35th acquisition since 2018 and its second in Cincinnati this year following the addition of Madison Wealth Management, a $1.4 billion financial planning and investment management firm.
“We are thrilled to bring the WaterStone team into the MAI fold and continue to expand our presence in Cincinnati,” said Ed Kuresman, regional president. “For nearly three decades, WaterStone has provided clients in the region with simplified, high-touch solutions, and we are confident they will make a great addition to our client-centric culture.”
WaterStone will adopt MAI’s brand identity. Roberts and Brosz were both named senior wealth advisor, working with Kuresman’s team.
Headquartered in Cleveland, OH, MAI had more than $18.8 billion in assets under management as of December 31, 2023.