D.C.-area acquisition strengthens MAI’s athlete client offering,
broadens geographic reach
CLEVELAND–(BUSINESS WIRE)–MAI
Capital Management, LLC (“MAI”), an independent registered
investment adviser specializing in comprehensive investment and
financial planning for high-net-worth individuals and families,
announces the acquisition of MTX Wealth Management, LLC (“MTX”).
The addition of MTX expands MAI’s footprint to the greater Washington,
D.C. market, serving high-net-worth entrepreneurs and families, while
also bolstering its growing specialty practice supporting athletes,
coaches and professionals in the sports industry.
Located in Reston, Virginia, MTX is a full-service financial and
investment advisor to high-net-worth individuals including professional
athletes and entertainers. Under the leadership of Founder and President
Steve Trax, CPA, CFP®, MTX has focused on providing exceptional service
and support to its clientele. Trax will continue to oversee the office
as MAI Regional Director.
“MTX is founded on building deep and lasting relationships with clients,
helping them reach their financial goals and ensuring they have a
partner by their side. This is especially important in helping
professional athletes navigate the distinct issues they encounter,” says
Rick Buoncore, Managing Partner at MAI. “Our firm shares this philosophy
and is excited to partner with MTX.”
Concurrent with the acquisition, MTX will consolidate the advisors who
assist professional athletes and coaches into a dedicated service group
within MAI, branded MAI Sports. MAI has its roots in serving
sports-industry clients, as the firm was founded over 45 years ago on a
“handshake deal” with legendary golfer Arnold Palmer. In the intervening
years, MAI has grown to assisting over 1,200 clients, and has earned a
reputation for helping athletes meet their financial goals. Trax will
assume the role of Managing Director at MAI Sports, working alongside
MAI’s John Palguta, CPA, CFP®, Managing Director, to lead the firm’s
expanded sports-focused business unit.
“Our client relationships are predicated on recognizing the passion and
drive it takes our clients to achieve their career goals, and then
matching that with our own dedication and understanding of how best to
be stewards of their wealth,” says Trax. “MAI shares this approach in
all areas of its business, but what truly sets the firm apart is its
four-decade track record of earning the trust of athletes and delivering
comprehensive financial planning services tailored to their needs.”
“This partnership underscores MAI’s commitment to professionalizing the
wealth management offering to the sports industry,” says Sean Bresnan,
Partner at Wealth Partners Capital Group (“WPCG”). “We are excited to
expand MAI’s presence into the D.C. market under the leadership of Steve
and his team.”
This is MAI’s third acquisition since taking
a minority investment from WPCG, a financial services holding
company, in July 2017. MAI acquired the wealth management division of
Calfee Financial Advisors last year and the wealth management division
of CCI Financial Group Inc. in April.
The acquisition closed on June 14, 2019 and will increase MAI’s assets
under management by over $400 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, OH, with
additional offices in Columbus, OH, 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.
Contacts
Tara Berardi
Gregory FCA for MAI Capital
[email protected]
215-337-4195
