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Deals Of The Day: The Latest In Wealth Management – MAI, Harbor
The latest mergers, acquisitions and other corporate actions in the wealth management sector.
MAI Capital Management, Harbor Wealth
Management
MAI
Capital Management, a US registered investment advisor, has
acquired Harbor Wealth Management, a business with a presence in
Boulder and Denver, Colorado.
The terms of the transaction were not disclosed.
Founded by Elyse Foster in 1988, the firm had $321 million in client assets under management at the time of the acquisition, MAI said in a statement.
Harbor will adopt MAI’s brand and receive the internal infrastructure that MAI extends to all acquired firms, including HR, operations, and marketing resources.
Foster and Megan Miller, principal, chief investment officer and wealth manager, will become senior wealth advisors and managing directors.
Harbor is MAI’s 37th acquisition since 2018, and its fifth this year.
MAI, which was founded by Arnold Palmer and Mark McCormack in 1973, is headquartered in Cleveland, Ohio, with offices across 16 US states. As of March 31 it had $22.5 billion in client assets under management. Its managing partner is Rick Buoncore.
