MAI inks mega-deal with Evoke Advisors to form $60B AUM firm

MAI Capital Management is set to nearly double its size through a merger with Los Angeles-based Evoke Advisors, in a deal that stands out as the most significant RIA combination of the summer 2025 season so far.

The transaction, announced Wednesday, will bring MAI’s assets under management to approximately $60 billion and expand its national footprint to more than 30 offices.

The move comes amid a year of blockbuster M&A activity in the wealth management sector, including LPL Financial’s $2.7 billion acquisition of Commonwealth Financial Network and Mariner’s purchase of Cardinal Investment Advisors.

While the MAI-Evoke deal does not eclipse those in sheer scale, it is the largest on record for MAI and signals the firm’s ambitions in the ultra-high-net-worth and institutional advisory space.

New heights for MAI

Cleveland-headquartered MAI, which had $31.15 billion in assets before the deal, has been on an acquisition streak, closing 14 transactions since the start of last year. It's most recent purchases include Garrison Asset Management, Concentric Wealth Management, and Constellation Sports Council.

But the Evoke merger, expected to close in the fourth quarter, is by far its most transformative, nearly doubling the firm’s assets. Evoke also has a team of 90 professionals, including more than 20 in family office services, according to a recent profile by Forbes.

Evoke Advisors, founded in 2019 by a group of former First Republic advisors, manages about $27 billion and serves a client base that includes private equity and venture capital professionals, tech executives, business owners, and family offices. The firm has built a reputation for customized portfolio strategies and a focus on fee transparency and innovation.

“This strategic partnership cements MAI as a destination firm by leveraging Evoke’s distinguished team, along with our own people and differentiators, resulting in a distinct client experience,” Rick Buoncore, chairman and chief executive of MAI, said in a statement Wednesday. 

A deliberate search for the right fit

Evoke’s co-founder and managing partner, David Hou, said the firm chose MAI after “an in-depth search process,” concluding the combination would enhance its scale and resources. “This partnership provides both firms with the opportunity to enhance our abilities to best serve clients and enable the long-term success of the firms we built,” Hou said. 

The merged firm will continue to target ultra-high-net-worth individuals, families, and institutions, with a combined team of more than 500 professionals. Both organizations have emphasized their commitment to maintaining a client-first culture and offering tailored solutions.

A record year for RIA M&A

The MAI-Evoke deal arrives in a year that has seen unprecedented consolidation among RIAs and wealth management firms.

LPL’s acquisition of Commonwealth, announced in March, brought together nearly 3,000 advisors and $285 billion in assets, while Mariner’s Cardinal deal added $292 billion in assets under advisement to its institutional practice.

A recent report by Echelon Partners highlighted that there were 102 transactions in the second quarter, putting 2025 on pace for a new record in dealmaking.