MAI Capital Management, a Cleveland-based registered investment adviser with approximately $30.3 billion in assets under management and advice, has acquired Concentric Wealth Management, a Lafayette, Calif.-based firm with six individuals and $662 million in client assets.
Terms of the deal, effective Dec. 31, 2024, were not disclosed. Concentric was MAI's second West Coast acquisition in 2024, following her deal with Traverso Chambers Private Wealth Management in Santa Rosa, California, in January of last year.
Concentric was founded in 2008 by Eric Flett and Stewart McGuire, who will take the MAI brand and join as regional presidents. They will leverage MAI's human resources, operations and marketing resources.
Prior to founding Concentric, Flett was a portfolio manager at First Republic Investment Management. McGuire was with HC Financial Advisors, a Bay Area RIA acquired by The Mather Group in 2022.
Cleveland-based MAI was founded in 1973 as Investment Advisors International. It was originally created to provide specialized services to professional golfer Arnold Palmer, but the firm eventually expanded to include other athletes.
In 2007, Executive Chairman Rick Buoncore purchased and renamed the firm MAI Capital Management. It is now based in 16 states, has more than 475 employees and has approximately $30 billion in AUA and AUM.
In 2021, Galway Holdings announced would take a majority stake in the firm, while Wealth Partners Capital Group retained a minority interest and remained part of MAI's mergers and acquisitions team.
The Galway capital meant MAI could accelerate its acquisition strategy, which began in 2019 with five additions.
The Concentric move follows MAI's recent agreement acquire Garrison Asset Managementa Fayetteville, Ark.-based RIA. with $317 million in AUM.
In December, MAI announced it acquisition of Carmichael Hill & Associatesa Gaithersburg, Md. RIA with approximately $350 million in AUM.