MAI Capital Management Acquires Veteran-Owned RIA in Dallas

MAI Capital Management has added a Dallas-based registered investment advisor firm to Evoke Advisors, bolstering its reach to ultra-high-net-worth clients. 

Service Academy Capital Management, founded in 2015 by CEO Brian Sears, offers wealth management services, including “pro bono” financial planning, portfolio management and risk management to high-net-worth clients, with a focus on U.S. veterans and their families experiencing financial hardship. 

Service Academy Capital Management manages about $733 million in assets under management across 304 accounts, according to the firm’s latest Form ADV, updated in January. 

Following the acquisition, Sears will continue to lead the firm and has assumed the role of investment advisor and senior managing director, MAI said. 

Terms of the transaction, which closed on May 29, were not disclosed. 

MAI’s latest addition will gain access to a broad suite of MAI’s capabilities, including compliance, operations, portfolio reporting and performance, tax and estate planning, trust services, research and family office infrastructure, the RIA said. 

After visiting MAI in Cleveland, meeting with leadership and sitting in on research calls, I found a firm that shares a philosophy similar to the one we built at Service Academy Capital Management, one that is dedicated to providing integrated wealth management solutions for clients, aims to make the right decisions for its people, and is deeply committed to giving back,” Sears said. 

MAI Capital completed its acquisition of Los Angeles-based Evoke Advisors on October 31, which was announced last August. Evoke currently manages $15.8 billion in assets under management. 

The acquisition marks one of the major deals as the firm prepares to finalize its acquisition by investment giant Carlyle Group, which is expected to close in the second quarter and is valued at more than $2.8 billion. 

Recently, MAI Capital added West Virginia-based LOC Investment Advisers, which manages about $759 million in total client assets. 

MAI Capital Management oversees $77.3 billion in total assets, including $55.4 billion under management and $6 billion under advisement as of April 30, the firm said.