Registered investment adviser (RIA) MAI Capital Management, which has $31.15bn (£23bn) in assets under management (AUM), has bought California-based RIA Summit Financial Advisors to strengthen its presence in the state.
Summit, which has around $570m in AUM, is run by Rafael Velez, who will transition to the role of regional president, senior managing director at MAI.
The firm will integrate into MAI’s platform, giving its clients access to the firm’s resources. Summit’s full team will remain following the acquisition.
Rick Buoncore, chairman & CEO of MAI, said: “Raf and his team share our vision for client-first financial management, and their demonstrated expertise and specialised service offerings will strengthen MAI’s presence in California and beyond.
“Summit’s lead advisor and core team have been together for more than two decades. This continuity, and hands-on approach to client service, help make them a natural fit for MAI. We look forward to working together to enhance the value we deliver to the individuals and families we serve.”
