As recounted regularly here, a variety of forces have combined to drive M&A deals in the North American wealth sector in recent years, although rises to US interest rates have at times cooled activity.

MAI Capital Management, the RIA headquartered in Clevand (pictured), has acquired Madison Wealth Management, a business that adds to MAI’s footprint in Northern Virginia and Ohio. It also follows the firm’s acquisition of R Karras Asset Management & Planning.

The deal with Madison adds $1.4 billion in assets under management to MAI. It is also MAI’s 33rd acquisition, it said in a statement yesterday. The financial terms were not disclosed. 

The start of 2024 has seen a number of US wealth firms wrap up transactions entered into last year, continuing a run of M&A moves that have taken place in the US and Canada. As regulatory costs and client expectations have risen, so has the need for economies of scale. A need for more tech investment, and a desire for older owners of firms to seek retirement, also has driven transactions. (To see a summary of M&A deals during the fall, click here.)

Madison, which was founded in 2000, is headquartered in Cincinnati. 

MAI said that Madison will receive infrastructure, which it gives to all acquired firms, including HR, operations, and marketing resources. At MAI, Ed Kuresman and Jim McDermott will both assume the title of regional president.