M and A
Deals Of The Day: The Latest In Wealth Management M&A – MAI Capital, Hightower
The latest deals and transactions in and around North American wealth management.
MAI Capital
MAI Capital, the
Cleveland-based RIA, has acquired Asset Management Group (AMG),
marking its 30th acquisition since 2018.
Based in Northbrook, Illinois, the acquisition of AMG expands MAI’s footprint in the greater Chicago region, including an office in Deerfield, the firm said in a statement. AMG’s founder Glenn Movish is joining MAI as senior wealth advisor and managing director.
Asset Management Group, which was founded in 1990 by Movish, provides financial planning for families, individuals, and small business owners. The firm focuses on custom solutions that meet its clients’ financial goals by deploying practical and risk-tolerance strategies. Team members Anna Benner and Ryan Hannifan have followed Movish in joining MAI, the firm continued.
MAI is a fee-based registered investment advisor and wealth management firm based in Cleveland, with 22 additional offices nationwide, and assets under management of $17.1 billion.
Hightower
Hightower has
facilitated a merger for Fairport Wealth, a Cleveland, Ohio-based
business that is acquiring Wealth CMT, a $300 million RIA in
Cherry Hill, New Jersey. This is Fairport's
fifth sub-acquisition since joining Hightower in 2017,
bringing the firm's AuM to $4.5 billion.
Wealth CMT is an independent principal-run business in Cherry Hill, New Jersey. Founded in 2009 and led by founders Andrew Barnett and Eric Feder, Wealth CMT’s five employees work with more than 180 families and foundations.
Hightower chairman and CEO Bob Oros said that CMT Wealth's "reputation for creating strategic wealth planning solutions backed by timely and insightful guidance is consistent with Hightower’s values and growth focus."
“In seeking a like-minded strategic partner, we determined that Fairport Wealth offers both additive wealth management solutions for our clients and professional development opportunities for our staff,” said Wealth CMT principal, Andrew Barnett.
Advice Dynamics Partners served as advisor to Wealth CMT.
