MAI Capital Management is deepening its reach in the Southeast, completing a transaction that adds $245 million in managed assets to the Cleveland based RIA.
The addition of Liberty Private Client advances MAI’s ongoing strategy to scale its national presence and widen resources available to advisors and clients. The firm is based in Fort Myers but, although only six years old, it expanded early through a combination with Girard Private Investment Group, retaining the Girard team and its Wayne, Pennsylvania office.
The deal closed on October 24 and financial details were not publicly disclosed. It marks MAI’s third Florida acquisition in 12 months while simultaneously broadening its presence in markets including Arkansas and California.
This year also saw the announcement of MAI’s strategic mega-merger with Los Angeles-based Evoke Advisors which is expected to close by the end of the year and will almost double the firm’s $30 billion AUM.
Liberty was founded by industry veteran Michael McCort and serves individuals, families, nonprofits, and corporations with a broad suite of wealth planning and investment services, including tax strategies, retirement planning, and estate support. Its professionals follow a holistic model that mirrors MAI’s focus on delivering objective guidance and personalized financial planning.
“As Liberty has grown, we’ve taken great pride in ensuring the individuals, families and institutions we serve continue to receive the high level of investment advice and support they’ve come to expect,” said McCort. “Having the support, tools and resources of an industry-leading firm like MAI behind us will allow us to continue to deliver better client experiences as we expand our capabilities and deepen the level of service we provide.”
All Liberty personnel will be absorbed into MAI to maintain established client relationships and ensure operational continuity. MAI, founded in 1973, operates 34 offices with more than 550 employees nationwide.
“Liberty shares our commitment to putting clients first and delivering advice that’s both personal and holistic,” said Rick Buoncore, Chairman & CEO, MAI. “Their advisors will now gain access to our deep bench of planning, investment and tax professionals—giving them the resources and scale to strengthen their offerings while preserving the culture and independence that have driven their success.”
Earlier this month, MAI Capital Management named Kathleen Alcorn as its new chief marketing officer, marking the latest move in the Cleveland-based RIA’s ongoing expansion drive.
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