Cleveland-based MAI Capital Management, a registered investment adviser specialising in investment and financial planning for high-net-worth individuals and families, has completed the acquisition of Madison Wealth Management.
This move is poised to significantly strengthen MAI’s footprint in Ohio and Northern Virginia, notably making Cincinnati one of its major markets. The acquisition is not only strategic geographically but also marks an infusion of enhanced talent and resources into MAI’s existing team.
Madison Wealth Management, established in 2000, is an esteemed independent financial planning and investment management firm headquartered in Cleveland, Ohio. Its influence extends to the Washington, D.C., and Northern Virginia area.
Boasting a substantial portfolio, Madison manages over $1.4bn in client assets, offering tailored financial planning, investment portfolio management, retirement and stock option planning, as well as trust and estate advisement.
In joining forces with MAI, Madison Wealth Management gains access to MAI’s robust internal infrastructure, encompassing crucial areas such as HR, operations, and marketing resources.
This alignment aims to streamline operations and enhance overall efficiency within the newly merged entity. Notably, Ed Kuresman and Jim McDermott, key figures from Madison Wealth Management, will assume the title of Regional President at MAI.
Madison chief investment officer Ed Kuresman said: “We are thrilled to be joining forces with MAI, with whom we share a vision for the future of our business.
“MAI’s partnership validates the next stage of extremely thoughtful and strategic growth for our business, clients, and team.”
Effective 5 January, the integration of Madison Wealth Management marks MAI’s 33rd acquisition. However, the financial details of the transaction have not been disclosed. This acquisition underscores MAI’s strategic approach to expansion, solidifying its position in key markets and reinforcing its commitment to providing comprehensive financial solutions to its clientele.
Madison co-founder and president Jim McDermott said: “Madison was founded on building deep, long-lasting relationships. This partnership enhances and accelerates our mission as a full-service wealth management boutique passionately dedicated to our clients’ personal goals and financial lives.”
