Addition of $640M firm adds investment management capabilities and extends MAI’s reach to New York City
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, announced its acquisition of J.M. Hartwell LP (“Hartwell”). The acquisition expands MAI’s reach to New York City and enhances its investment management expertise.
Hartwell specializes in growth stock investing and employs a disciplined, fundamental, bottom-up approach to investment management. With a nearly 60-year history, the firm manages investment portfolios for a range of clients, including individuals, trusts, foundations, endowments and pension plans.
“Expanding MAI’s presence to the New York City area has been a longstanding goal and accomplishing this required aligning with the right partner who shares our core investment and client-first philosophy,” said Rick Buoncore, Managing Partner at MAI. “The Hartwell team embraces MAI’s vision, and their deep-seated investment management expertise will directly benefit MAI clients across the country.”
Hartwell’s leadership team will join the senior partnership of MAI. William Miller will assume the role of Managing Director, Jordan Press will assume the role of Regional Managing Director and William Jones will assume the role of Director, Research Analyst. The remaining members of Hartwell’s investment team will join MAI as well.
“Our firm has a long and successful heritage of investing in growth stocks. We are incredibly proud of our achievements and look forward to our new alliance with MAI,” said Miller.
“MAI has sophisticated resources and capabilities in and beyond investment management,” said Press. “We are excited to offer our clients MAI’s financial planning and wealth management expertise, and look forward to contributing to MAI’s investment expertise and supporting MAI’s ongoing growth on the East Coast.”
The acquisition closed out a successful year for MAI. The firm completed five transactions in 2019, including three regional expansions. MAI added new locations with the acquisition of MTX Wealth Management in Reston, Virginia in June and its partnership with John D. Dovich & Associates in Cincinnati in July. The firm also expanded its reach within Ohio with the acquisitions of the wealth management division of CCI Financial Group in Akron, Ohio in April and Rodman Capital Management in Alliance, Ohio in December.
The acquisition closed on Dec. 31, 2019, and will increase MAI’s assets under management by over $640 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, with additional offices in Cincinnati and Columbus, OH, Ponte Vedra Beach, FL, Nashua, NH, Irvine, CA, and Reston, VA. As of Sept. 30, 2019, MAI’s assets under management totaled more than $6 billion. The firm also 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.
Marissa Foy Comerford
Gregory FCA for MAI Capital