Assets Under Management AUM

MAI Capital Management adds another local advisor to its business

MAI Capital Management has recruited another financial advisor in northeast Ohio that adds $50 million in assets under management (AUM) to the growing business.

MAI said it hired Dexter James of Cuyahoga Falls, who has run a boutique consulting firm as a subsidiary of Ameriprise Financial Services since 2005. The addition builds on MAI’s presence in the Cleveland area.

James becomes senior wealth advisor and managing director at MAI with the move.

“As we continue to grow, aligning ourselves with like-minded professionals who share our cultural values ​​and client-centric philosophy remains a priority for us,” MAI managing partner Rick Buoncore said in a statement. “Dexter represents the traits we value at MAI, and we are excited to leverage his experience in providing holistic wealth management solutions for clients.”

“This partnership allows me to spend more time with our clients and provide more consistent financial planning and investment advice,” added James.

MAI reported total regulatory assets under management of $14.4 billion and 246 employees as of August 17, according to its latest public filing.

This deal is just the latest in a series of ongoing partnerships and acquisitions for MAI. Some outside investments helped him on this journey.

One is Wealth Partners Capital Group of Florida, which acquired a 40% stake in MAI in 2017.

MAI is also backed by private equity-backed Galway Insurance Holdings, which acquired a majority stake in the company in the third quarter of 2021. Wealth Partners retained a minority position in MAI following this deal.

Cleveland-based MAI has made several acquisitions since being taken over by Galway. This includes the recent roll-up of Pareto Wealth Management earlier this month, which was a division of McDonald Partners of Cleveland.