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MAI Capital Management LLC of Cleveland has acquired Smith Capital Management Inc. of Little Rock.
Financial details of the transaction were not disclosed. It closed on Dec. 11 and will increase MAI’s assets under management by over $500 million.
MAI is an independent registered investment adviser that specializes in comprehensive investment and financial planning for high-net-worth individuals and families.
SCM was No. 12 on Arkansas Business’ Money Managers list, with $500 million in assets under management. The firm began offering wealth management services more than 35 years ago, helping its high-net-worth clients achieve their financial goals through customized solutions and personalized client service. It also offers financial counsel to foundations and oversees the management of corporate retirement plans.
MAI said the acquisition establishes its presence in Little Rock and provides a foundation to facilitate future growth as well as expanded service across the northwest region of the state.
The senior partners of SCM, Stephen Chaffin and Jay White, will be regional managing directors at MAI.
“Stephen and Jay are exceptional client advisors, and more importantly exceptional people,” Rick Buoncore, managing partner at MAI, said in a news release. “The success they have achieved is directly attributable to their relationships with their clients and the trust they have earned in the process. Our partnership with SCM works due to our shared philosophy and culture, as well as our collective commitment to sustained and strategic growth.”
Chaffin said, “MAI shares our client-first mentality and commitment to comprehensive financial planning and will allow us to grow our presence across Arkansas. Our partnership will expand the services we offer clients and enhance our technological capabilities, which is key in the current virtual environment.”
This is MAI’s third acquisition of 2020 and ninth since taking a minority investment in July 2017 from Wealth Partners Capital Group, a financial services holding company with offices in Palm Beach, Florida; San Francisco and New York.
MAI acquired Greenway Family Office LLC last month, expanding its presence to St. Louis. Last year, the firm completed five transactions, including regional expansions to Reston, Virginia; Cincinnati and New York City.
“Even with all of the uncertainties this year, MAI continues to emerge as a leader in the RIA industry, forging strategic partnerships that drive growth and success for clients,” John Copeland, managing partner of WPCG, said in the release.