MAI Capital Management, a Cleveland-based registered investment advisor with about $30.3 billion in assets under management and advisement, has acquired Concentric Wealth Management, a Lafayette, Calif.-based firm with six individuals and $662 million in client assets.
Terms of the deal, effective on Dec. 31, 2024, were not disclosed. Concentric was MAI’s second West Coast acquisition in 2024, following its deal with Traverso Chambers Private Wealth Management in Santa Rosa, Calif., in January of last year.
Concentric was founded in 2008 by Eric Flett and Stewart McGuire, who will take on MAI branding and join as regional presidents. They will use MAI’s human resources, operations and marketing resources.
Prior to founding Concentric, Flett was a portfolio manager at First Republic Investment Management. McGuire was with HC Financial Advisors, a Bay Area RIA acquired by The Mather Group in 2022.
Cleveland-based MAI was founded in 1973 under the name Investment Advisors International. It was initially formed to provide specialized services for pro golfer Arnold Palmer, but the firm eventually expanded to other athletes.
In 2007, Executive Chairman Rick Buoncore bought and rebranded the firm to MAI Capital Management. It’s now based in 16 states, has more than 475 employees and has about $30 billion in AUA and AUM.
In 2021, Galway Holdings announced it would take a majority stake in the firm, while Wealth Partners Capital Group retained a minority interest and remained part of MAI’s mergers and acquisitions team.
Galway’s capital meant MAI could accelerate its acquisition strategy, which began in 2019 with five additions.
The Concentric move follows MAI’s recent deal to acquire Garrison Asset Management, a Fayetteville, Ark.-based RIA with $317 million in AUM.
In December, MAI announced its acquisition of Carmichael Hill & Associates, a Gaithersburg, Md. RIA with about $350 million in AUM.
