Registered investment adviser MAI Capital Management has acquired independent wealth management company Harbor Wealth Management.
The financial terms of the acquisition were not revealed.
Established in 1988 by Elyse Foster, Harbor Wealth Management advises private individuals and families, businesses, company retirement plans, and private foundations on all aspects of investment and wealth management.
At the time of the acquisition, the firm had $321m in client assets under management.
Following the transaction, Harbor Wealth Management will adopt MAI Capital Management’s brand identity.
Besides, it will also receive the internal infrastructure that MAI Capital Management extends to all acquired firms, including HR, operations, and marketing resources.
Foster and Harbor Wealth Management principal, chief investment officer and wealth manager Megan Miller said: “As we thought about the next phase of our business, we wanted a partner who could give us the resources that we need to bring our practice to the next level, while allowing us to focus on what we love the most: serving our clients.
“MAI is equipped with the right tools to move our business forward, help our team grow in size and in expertise, and match our deep-rooted, client-centric culture.”
Headquartered in Cleveland, MAI Capital Management focuses on comprehensive investment and financial planning for high-net-worth individuals and families.
The firm manages $22.5bn in client assets under management. It also comprises a team of over 400 to help clients in simplify, safeguard, and grow the wealth they have worked to build.
MAI Capital Management managing partner Rick Buoncore said: “We are thrilled to welcome Harbor to our growing MAI team and to expand our presence in Colorado.
“Harbor not only shares our client-first mentality, but also has a track record of creating innovative solutions for clients, such as unique services for young professionals and women.”
The acquisition of Harbor Wealth Management marks MAI Capital Management’s fifth acquisition this year.
Earlier in 2024, MAI Capital Management completed the acquisition of independent financial planning and investment management firm Madison Wealth Management.