MAI Capital Deal Spree Continues with Two Additions
MAI Capital Management, a Cleveland-based registered investment advisor acquired by The Carlyle Group this year, has made deals for wealth managers in Atlanta and California that, combined, oversee more than $1 billion in client assets.
The moves come shortly after Carlyle went from owning a minority stake in MAI through an investment in Galway Holdings to taking a majority stake and board seat with the RIA that closed in June. The deal valued MAI at more than $2.8 billion and led to Galway investors Harvest Partners and Oak Hill Capital exiting their positions.
Chairman and CEO Rick Buoncore has helped scale his firm to $72.6 billion in client assets, partly through the 2025 acquisition of Evoke Advisors, then a $27 billion firm focused on upper high-net-worth clients.
Buoncore said at the time the Carlyle deal was announced that the firm would use the recapitalization to expand service offerings, invest in organic and inorganic growth initiatives, and continue training programs, including MAI University, which Buoncore said currently has 100 employees out of 700 in its programs.
MAI was not available for further comment on whether Carlyle played a role in the most recent acquisitions.
On Tuesday, MAI announced it had brought on OG Private Wealth, a fee-only RIA with offices in Chico and Hermosa Beach, Calif., that manages about $551 million in assets and serves more than 300 households across various states.
OG Private Wealth was founded by brothers Ryan O’Donnell and Mike O’Donnell, following careers at firms including Merrill Lynch. The firm works with entrepreneurs, executives and families in Northern California, Los Angeles and Miami.
“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,” O’Donnell said in a statement.
MAI also announced it entered Atlanta with the acquisition of Waypoint Wealth Counsel, a fee-only RIA that manages about $490 million in AUM and serves more than 100 households.
Waypoint was founded in 2014 by Brad McGrew and Matthew Woods and serves affluent and ultra-high-net-worth individuals and families, with a focus on entrepreneurs, business owners, executives and multigenerational families.
Waypoint also has two proprietary private investment funds focused on alternative investments.
“Joining MAI allows us to combine the local relationships and market knowledge we have built over more than a decade with the resources of a national firm,” Woods said in a statement.
