Greater Cleveland-area acquisition supports MAI’s growth initiative
Capital Management, LLC (“MAI”), an independent registered
investment adviser that specializes in comprehensive investment and
financial planning for high net worth and ultra-high net worth
individuals and families, has acquired the wealth management business of
CCI Financial Group Inc. (“CCI”).
Located in Akron, Ohio, CCI offers financial planning, investment
advisory, tax, accounting and family business consulting services. Under
the leadership of Jeffrey “Jeff” Reitzes, CCI has championed a fiduciary
approach to financial planning and investment management since 1981.
Reitzes will assume the role of Managing Director at MAI.
“Both MAI and CCI have a long history of client service,” said Rick
Buoncore, Managing Partner at MAI. “Jeff built a business on a strong
foundation of trust and a dedication to providing specialized services
and solutions, which are core MAI values. We look forward to honoring
this trust, while offering CCI clients access to new capabilities in
investment management and retirement, estate and legacy planning, as
well as family office services.”
“MAI shares our philosophy of putting clients first and providing
comprehensive financial planning and investment management solutions
that meet our clients’ objectives,” said Reitzes. “As we looked to the
next phase of our business, we proactively sought a partner who mirrored
our firm’s culture, and we saw great value in MAI’s commitment to
providing enhanced resources, tools and solutions for our clients.”
This is MAI’s second acquisition since taking
a minority investment from Wealth Partners Capital Group (“WPCG”), a
financial services holding company, in July 2017. MAI acquired the
wealth management division of Calfee Financial Advisors last year.
The acquisition closed on April 15, 2019 and will increase MAI’s assets
under management by over $100 million. Financial and legal terms of the
deal were not disclosed.
About MAI Capital Management
MAI Capital Management (“MAI”) is a fee-based registered investment
adviser and wealth management firm based in Cleveland, Ohio, with
additional offices in Columbus, Ponte Vedra Beach, FL, Nashua, NH and
Irvine, CA. The firm manages and advises approximately $5.4 billion in
assets as of March 31, 2019, and provides comprehensive investment
management and planning services to high-net worth individuals, families
and athletes. MAI is led by Managing Partner Rick Buoncore. For more
information, please visit www.mai.capital.
About Wealth Partners Capital Group
Wealth Partners Capital Group (“WPCG”) is a financial services holding
company, which has partnered with MAI Capital Management (“MAI”). WPCG
assists MAI by identifying and integrating like-minded registered
investment advisers who are seeking access to expanded business
capabilities, strategic growth and customized transition solutions. The
WPCG management team is led by partners John W. Copeland, Rich Gill and
Sean Bresnan. For more information, please visit www.wealthpcg.com.
Gregory FCA for MAI Capital
Dix & Eaton for MAI Capital