The latest M&A deals in wealth management across North America.

Ohio-based MAI Capital Management, an independent registered investment advisor, is partnering with John D Dovich & Associates.

The deal, which includes wealth management and insurance services, establishes an MAI location in Cincinnati while forming the basis of MAI Insurance Solutions, a new entity wholly-owned by MAI devoted to planning-based insurance services, MAI said in a statement earlier this week. 

The deal closed on June 30 and will increase MAI’s assets under management by about $600 million. Financial and legal terms of the deal were not disclosed.

John Dovich, founder of Dovich & Associates, launched the firm in 1987, and has since overseen both the insurance and wealth management businesses. Dovich will become regional managing director of the Cincinnati office, national head of MAI Insurance Solutions and partner of MAI. More than 10 members of Dovich & Associates will join him at MAI, including Bill Bruns and Tom Lalley, who will each become an MD, and partner, at MAI.

This is MAI’s fourth partnership since taking a minority investment from WPCG, a financial services holding company, in July 2017. It also marks the firm’s second regional expansion following the acquisition of MTX Wealth Management. MAI also acquired the wealth management division of Calfee Financial Advisors last year, and the wealth management division of CCI Financial Group in April.