The Daily Brief

MAI Capital Management Acquires Ohio-Based Firm

The acquisition of Rodman Capital Management is the latest in a number of recent acquisitions MAI has made since accepting a minority investment from Wealth Partners Capital Group in 2017.

Cleveland-based MAI Capital Management continued to grow its registered investment advisor business within the Buckeye State with the acquisition of Rodman Capital Management, located in Alliance, Ohio. The acquisition is the fifth for the independent RIA firm (which has more than $6 billion in assets under management) in slightly more than two years.

According to MAI, Rodman Capital Management founder David Rodman will take on the role of wealth manager and managing director at MAI Capital Management. Rodman started the firm in 1988, and MAI managing partner Rick Buoncore praised his “commitment to designing quality investment strategies and solutions” for clients (the deal will boost MAI’s AUM by more than $75 million).

“He maintains a fiduciary approach, which is central to MAI’s client-first philosophy,” Buoncore said. “We are excited to add David to our team and continue offering goals-based investment management solutions to our clients.”

In July 2017, the newly formed Wealth Partners Capital Group launched with a minority investment in three RIA firms, including MAI Capital Management. At the time, Wealth Partners CEO John W. Copeland said the intent was to use these three firms as “hubs” to acquire additional RIA firms. A number of acquisitions soon followed, including the wealth management divisions from Calfee Financial Advisors in February 2018 and the wealth management division at CCI Financial Group in April of this year.

In July, MAI acquired John D. Dovich & Associates, which is based in Cincinnati and manages nearly $600 million in client assets. In addition to offices in Reston, Va., Cleveland and Cincinnati, MAI now has offices in Ponte Vedra Beach, Fla., Nashua, N.H., Irvine, Calif. and Columbus, Ohio.

“The concept is simple,” Buoncore said at the time of the Dovich acquisition. “We want to become a national brand.”

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