MAI Capital Management says it has acquired a St. Louis-based firm that will expand MAI’s reach into the area as well as extend its expertise in serving families and business owners.
MAI’s latest addition is Greenway Family Office, founded in 2010 by Joan Malloy, MAI says. GFO oversees around $462 million for 769 accounts, according to its latest Form ADV.
GFO offers assistance with family governance, business and transition planning, financial and investment management, lifestyle management and special projects, MAI says.
“As we continue to grow, our goal is to expand capabilities in core areas and harness the expertise that will most benefit our clients,” Rick Buoncore, managing partner at MAI, says in a statement. “Joan’s leadership and specialization in serving wealthy families and business owners will be a significant driver in MAI’s future growth.”
Malloy is joining MAI as regional managing director of the firm’s family office unit and the other GFO members are coming on board as well, MAI says. The companies didn’t disclose the financial terms of the deal, which closed on Nov. 20.
The addition of GFO is MAI’s second acquisition this year, MAI says. In May, the firm acquired New York-based Grisanti Capital Management, saying that the acquisition would bring more than $225 million in assets under management to MAI’s platform.
GFO is also MAI’s eighth acquisition since financial services holding company Wealth Partners Capital Group took a minority stake in MAI in June 2017, MAI says.
Cleveland-based MAI also has offices in Cincinnati and Columbus, Ohio; Ponte Vedra Beach, Fla.; Nashua, N.H.; Irvine, Calif., Reston, Va., and New York, and oversees more than $7.7 billion as of the end of September, the company says.
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