MAI Capital Buys $1.4B Cincinnati Wealth Manager

MAI Capital Management, LLC (MAI), a registered investment advisor for high-net-worth individuals and families, has acquired Cincinnati, OH-based Madison Wealth Management, a financial planning and investment management firm with over $1.4 billion in client assets.

Financial terms of the deal were not disclosed.

The deal – MAI’s 33rd since 2018 – expands its presence in Ohio and Northern Virginia, making Cincinnati one of its biggest markets.

“The Madison team has demonstrated not only growth and success across two major metros, but also a dedication to their communities that we at MAI share,” said Rick Buoncore, Managing Partner at MAI.

Founded in 2000, Madison Wealth Management provides financial planning and investment portfolio management, retirement and stock option planning and trust and estate advisement.

At MAI, Ed Kuresman, Madison’s CIO and Jim McDermott, co-founder and president, will both be regional presidents.

Last week, MAI announced the acquisition of $110 million financial planner and asset manager R. Karras Asset Management & Planning. MAI’s assets under management totaled $18.8 billion as of the end of December 2023.