MAI Capital Management, a registered investment advisor specializing in investment and financial planning for high-net-worth individuals, families, professional athletes and entertainers, has acquired Winfield Associates. The Ohio acquisition adds talent—along with more than $368 million in assets under management across more than 250 clients—to MAI’s financial planning and investment teams at its Cleveland headquarters.
Founded in 1997 by William Winfield Baker and his son, Christopher “Biff” Baker, Winfield provides financial advice, customized investment portfolios and private wealth services for individual investors, endowments and foundations, business owners, professionals and retirees. The firm’s key executives will join MAI, with Biff Baker and Mark Q. Haley each assuming managing director and partner roles. They will be joined by five Winfield team members.
“Our clients are our top priority, and we are committed to delivering comprehensive support and strategies that advance their financial goals,” Baker and Haley said in a joint statement. “Partnering with MAI allows us to continue to deliver this level of service, while enhancing the technology, resources and solutions we offer our clients.”
In an announcement on the Winfield website, the firm stated that the partnership will provide access to an extensive network of professional support; personal financial and investment technology (MAI WealthView and MAI InvestView); and expanded resources, including investment management services, retirement and financial planning, family office services, and estate and legacy planning.
This is MAI’s sixth acquisition since it was itself acquired by financial services distribution company Galway Holdings in September 2021. Galway is the holding company for insurance brokerage EPIC Insurance Brokers & Consultants and JenCap Holdings, a wholesaling insurance company.
Earlier this year, MAI announced the acquisition of Monarch Business & Wealth Management in New York City. In 2021, the firm completed acquisitions in Maryland, North Carolina, Illinois, Ohio and Florida. Led by Managing Partner Rick Buoncore, MAI now manages more than $14 billion from 18 offices nationwide. Citing "a robust pipeline of potential deals and acquisition partners," an MAI spokesperson said to expect additional deals in the coming months.
“We are proud that MAI is regarded for personalized service and a steadfast commitment to our clients,” said Buoncore. “Biff, Mark and the entire Winfield team share this perspective, further empowering our team and extending our reach to additional clients.”
Financial and legal terms of the deal, which closed on June 24, 2022, were not disclosed.