MAI buys $390 million Maryland-based RIA

Geier Asset Management does business as Winpoint Financial and, like MAI, it specializes in serving professional athletes.

MAI Capital Management, a Cleveland-based registered investment adviser managing $11.8 billion, has acquired Marriottsville, Maryland-based Geier Asset Management, which manages $390 million and does business as Winpoint Financial.

Geier Asset Management was founded in 1999 by Joseph Geier, who continues to lead the firm along with Brian Woods. Both Winpoint Financial and MAI specialize in serving professional athletes.

MAI said in a release that it expects that the previously announced sale of a majority stake in the firm to Galway Insurance Holdings will close by the end of the month.

[More: What advisers need to know to serve professional athletes]