MAI Capital Management, a US-based registered investment adviser (RIA), has acquired Storey & Associate (S&A) for an undisclosed sum.
The transaction was closed on 30 September 2021.
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The addition of S&A brings approximately $230m to MAI’s assets under management.
In addition, it expands MAI’s footprint in Ohio and bolsters its financial planning and asset management offerings.
Established in 1985, S&A offers financial planning services as well as estate planning, retirement planning, debt management, and tax planning.
The firm also provides asset management services for high-net-worth individuals, families and business owners.
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By GlobalDataMAI managing partner Rick Buoncore said: “The Storey & Associates team is recognised for its dedication to improving the financial lives of its clients, which mirrors the client-first approach we have here at MAI.
“Our team is committed to ensuring that we meet all clients’ financial planning needs while establishing relationships on a personal level. We are thrilled to bring Harlan, Kevin and their team on board and add to the talent at MAI.”
As part of the deal, S&A founder Harlan Storey, and Kevin Krakora along with their team of employees will join MAI. Storey and Krakora will assume the role of senior wealth advisor and managing director at the firm.
Continuing acquisition spree
MAI has been looking to expand its national presence through mergers and acquisitions activities in the past few years.
The latest deal marks the firm’s 14th acquisition since landing a minority investment from Wealth Partners Capital Group in July 2017.
In August this year, it secured a strategic investment from financial services distribution firm Galway to expedite its organic growth trajectory and boost its client service offerings.
This year, MAI agreed to purchase HW Financial Advisors and the wealth management division of Ownership Advisors.
It also took over Naples, Florida-based MWM Investment Consulting and Baltimore-based Geier Asset Management.
