Galway Insurance Holdings, a San Francisco-based financial services distribution firm, has acquired MAI Capital Management, a Cleveland-based registered investment adviser managing $9.2 billion through several offices around the country.
MAI’s executive team, which is led by Rick Buoncore, will remain, with MAI adding “financial and wealth management services that complement existing business relationships within Galway’s EPIC Insurance Brokers & Consultants unit and other areas of specialization across the company,” Galway said in a release.
Wealth Partners Capital Group took a stake in MAI in 2017, and since then MAI has done 12 acquisitions, according to the press release. Wealth Partners Capital Group will maintain its stake in the firm.
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