MAI Capital Buys Calif. RIA OG Private Wealth, Adding $551M

One day after announcing the acquisition of an RIA that gets it into the Atlanta market, Cleveland-based MAI Capital Management said it has bought OG Private Wealth, a fee-only wealth management practice that manages about $551 million in assets for entrepreneurs, business owners and affluent families across Northern California, Los Angeles and Miami, Fla.

In its news release today, MAI said OG Private’s wide footprint complements MAI’s existing presence in each of those markets. Furthermore, MAI, an RIA and wealth management firm, provides financial planning to predominantly high-net-worth and ultra-high-net-worth clients, especially in sports and entertainment.

Founded in 2009 by brothers Ryan O’Donnell and Mike O’Donnell, OG Private, along with Miamai, has offices in Chico and Hermosa Beach in the Golden State and serves more than 300 households nationwide.

The brothers joined MAI as market leaders after the deal closed last Friday, Aug. 14th. MAI didn’t disclose terms of the transaction, which comes on the heels of RIA announcing yesterday it bought Waypoint Wealth Counsel. That deal added about $490 million in assets and gave the fast-growing MAI a foothold in Atlanta, a market MAI Chairman and CEO Rick Buoncore calls “strategically important.”

MAI has been among the leading RIA acquirers driving record M&A acquisition activity in the RIA space this year, and as of the end of June managed nearly $80.4 billion in total assets through 42 offices across the country.

In OG Private, CEO Buoncore said MAI was drawn to the team’s commitment to long-term relationships they’ve developed with clients and their personalized planning approach. “Ryan, Mike and their team have built a business that’s deeply rooted in trust,” he said in a statement. “Their clients tend to have sophisticated wealth needs, and OG Private Wealth has made it their purpose to help clients navigate that complexity.”

In its release, MAI noted that the brother-led team built their practice around a holistic wealth planning-first approach that combines investment management with cash flow oversight, estate planning, pre-sale planning and tax efficient strategies.

Since its founding, OG Private Wealth has grown organically through strong client relationships, according to the release.

“The families and founders we work with have needs that extend well beyond a traditional investment portfolio, and they expect advice and services that rise to meet that complexity,” said Mike O’Donnell in a statement. “With MAI behind us, we have the support to deliver on that commitment with more confidence than ever.”

Ryan O’Donnell noted that the brothers have a longstanding relationships with MAI’s leadership team, and MAI’s acquisition of Evoke Advisors last August reinforced their confidence that the much bigger MAI was the right cultural and strategic fit.

“I’ve known the MAI and Evoke team for years and seeing how they built their businesses gave us confidence this was the right home,” he said. “Joining MAI, one of the leading firms in the industry, gives us access to robust institutional investment capabilities, family office resources and specialized expertise that will help us serve our clients for years to come.”