MAI Capital Management, LLC (“MAI”), a registered investment adviser specializing in comprehensive investment and financial planning for high-net-worth individuals and families, today announced the acquisition of R. Karras Asset Management & Planning (“Karras”). Terms of the transaction were not disclosed.
R. Karras Asset Management & Planning, also headquartered in Cleveland, OH, has served the broader region for more than 35 years under the leadership of Founder and CEO Robert Karras, holding approximately $110 million of client assets under management. They offer comprehensive financial, retirement, and estate planning, investments and asset management, risk management and insurance, and employee benefits and qualified retirement planning for businesses.
“As our firm planned its next chapter, we wanted a partner with similar values that would deliver the highest levels of personalized service for our clients and their financial goals,” said Karras. “MAI is that partner and its backing will help broaden our capabilities for individuals, families, and business owners, including tax and estate planning, alternative investing, and more.”
Karras will adopt MAI’s brand identity and receive the robust internal infrastructure that MAI extends to all acquired firms, including HR, operations, and marketing resources. At MAI, Robert Karras will assume the title of Senior Wealth Advisor and Managing Director, working with Regional President Mark Van Drunen’s team.
“We are excited to welcome the R. Karras Asset Management & Planning group to our team,” said Mark Van Drunen. “Robert and his team share our resolute commitment to client wellbeing and a deep connection to the Cleveland community, making them an excellent addition to the firm.”
This is MAI’s 32nd acquisition since 2018. The firm’s network of wealth management, asset management, and investment advisory firms now spans a total of 25 offices across the United States.
Source: Company Press Release
