MAI Capital Management Acquires West Point Business Group and Launches MAI Retirement | national company
CLEVELAND–(BUSINESS WIRE)–October 4, 2022–
MAY Capital Management, LLC (“MAI”), a registered investment adviser specializing in comprehensive investment and financial planning for high net worth individuals and families, has acquired West Point Business Group (“West Point”). The acquisition adds pension plan consultants and facilitates the launch of MAI Retirement, a service line dedicated to pension plans.
Based in Ponte Vedra Beach, Florida, West Point provides pension fiduciary advice and financial wellness programs for corporations, as well as comprehensive wealth management for individuals and families. The company creates customized solutions for its retired clients and will establish MAI’s presence in the defined contribution and defined benefit plan space by leveraging MAI’s network of professionals and sister organizations.
West Point partners C. Clayton Perry and Keola J. Elobt will both assume the roles of Managing Director and Group Leader of MAI Retirement; they will be joined by four other members of the West Point team at MAI Retirement. Additionally, MAI Retirement has appointed Jason Hamilton, who brings over 27 years of industry experience, as its Retreat Manager.
“As we have grown, we have become deeply invested in our talent and solution set,” said Rick Buoncore, Managing Partner at MAI. “This focus laid the foundation for our partnership with the West Point team and the creation of MAI Retirement. We are excited to leverage their experience and knowledge to expand our service offerings to a wider group of clients as we set out to enhance our offering and scale nationwide.
Clay added: “We have worked with MAI for 5 years and have seen first hand the quality of the company and the people. We are excited to join the MAI team and look forward to building a national pension plan platform across the company. »
MAI’s acquisition of West Point is the company’s 10th transaction since Galway Holdings (“Galway”), a leading financial services distribution company, finalized its acquisition from MAY in September 2021. The company has seen significant success since this partnership and is focused on continued growth through 2022 and into 2023.
This year, MAI announced its partnership with Prime Investment Advisors in Bethesda, Maryland; Pareto Wealth Management in northeast Ohio; Intersect Capital in San Ramon, California; Winfield Associates in Cleveland, Ohio; and Monarch Business & Wealth Management in New York. Prior to that, MAI acquired Investment Planning Associates located in Rockville, Maryland; Queens Oak Advisors in Charlotte, North Carolina; Hochman Cole Investment Advisors, based in the Chicagoland area; Storey & Associates, located in North Canton, Ohio; HW Financial Advisors in Cleveland, Ohio; the wealth management division of Ownership Advisors in Cleveland, Ohio; MWM Investment Consulting located in Naples, Florida; and Geier Asset Management in Baltimore, Maryland.
“MAI is committed to providing a full range of services to its clients, and the addition of dedicated pension advisory services elevates the company’s overall value proposition,” said John Hahn, Executive Chairman of Galway. .
The acquisition closed on September 30, 2022 and adds approximately $230 million in assets under management and $568 million in pension plan assets (as of 08/31/22).
About MAI Capital Management
MAI is a registered investment adviser and wealth management firm based in Cleveland with 18 additional offices nationwide. As of August 31, 2022, MAI’s assets under management were $14.7 billion. The company 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 Galway Holdings
Galway Holdings, LP (“Galway”) is a diversified financial services delivery platform focused on product delivery and differentiated customer service leveraging technology, data analytics and innovative data sharing solutions. risks.
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Grégory FCA for MAI Capital
KEYWORD: UNITED STATES NORTH AMERICA FLORIDA OHIO
SECTOR KEYWORD: FINANCE CONSULTANCY BANKING PROFESSIONAL SERVICES ASSET MANAGEMENT
SOURCE: MAY Capital Management, LLC
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PUBLICATION: 04/10/2022 08:30 / DISK: 04/10/2022 08:33