MAI Capital Administration is buying Halpern Monetary, a $1.2 billion fee-only RIA with places of work in Virginia and Maryland, whereas additionally working in Naples, Fla. It’s the agency’s eighth acquisition this 12 months.
As a part of the deal, founder Tim Halpern will assume the title of regional president at MAI. Because of the acquisition, Halpern Monetary will undertake MAI’s model id and profit from its inside infrastructure, which incorporates HR, operations and advertising sources.
“When making this resolution, we have been on the lookout for a like-minded companion to assist convey our enterprise into its subsequent part of progress,” Halpern mentioned. “MAI is an ideal match for our client-first tradition and mindset.”
MAI Govt Chairman Rick Buoncore mentioned the agency was drawn to the Halpern workforce due to their ardour for managing their purchasers’ cash and “additionally offering them with the monetary schooling they should thrive for the long run.”
The Cleveland-based MAI was based in 1973 below the identify Funding Advisors Worldwide. It was initially shaped to supply specialised providers for professional golfer Arnold Palmer, however the agency finally expanded to different athletes.
In 2007, Buoncore purchased and rebranded the agency to MAI Capital Administration. It’s now based mostly in 16 states, has greater than 450 workers and manages about $24 billion in shopper belongings.
In 2021, Galway Holdings introduced it will take a majority stake within the agency, whereas Wealth Companions Capital Group retained a minority curiosity and remained a part of MAI’s mergers and acquisitions workforce.
Galway’s capital meant MAI might speed up its acquisition technique, which started in 2019 with 5 acquisitions. In line with the agency, the Halpern deal is MAI’s eighth in 2024 and its fortieth since 2018.
In January, MAI acquired Madison Wealth Administration, a $1.4 billion agency and certainly one of Cincinatti’s largest RIAs. Madison was based in 2000 and included 32 workers (with 12 advisors), providing custom-made planning and portfolio administration. Founder and President Jim McDermott and Chief Funding Officer Ed Kuresman joined MAI as regional presidents. In January alone, the agency acquired extra belongings than all of 2023.
MAI acquired LWS Wealth Advisors, a four-person workforce in Basking Ridge, N.J., with about $562 million of AUM in March, making it the primary MAI-branded location within the Backyard State.
