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Cleveland-area wealth management firm MAI Capital Management grows with East Coast acquisition

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MAI Capital Management has been growing rapidly through acquisitions.

INDEPENDANCE, Ohio - A Cleveland-based wealth management firm that has been growing rapidly through acquisitions is bulking up in Greater Washington.

MAI Capital Management LLC announced Monday it has acquired Halpern Financial, an Ashburn, Virginia, investment advisory firm with $1.2 billion in client assets under management. Halpern, founded in 1991, will be rebranded as MAI and its founder and president, Ted Halpern, has joined MAI as regional president. Terms of the acquisition, which closed Friday, were not disclosed.

, fueled by investments from private equity backers. In 2017, it landed an investment from San Francisco’s Wealth Partners Capital Group and in 2021 New York-based Galway Holdings acquired a majority stake in the firm, with Wealth Partners retaining a minority stake.If you purchase a product or register for an account through a link on our site, we may receive compensation.

 

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