Cleveland-based MAI Capital Management announced on Monday that it is acquiring WaterStone Investment Counsel, a Cincinnati-based RIA with $144 million AUM.
WaterStone was founded in 1995 by Mark Roberts and Don Brosz to offer investment management and financial counseling services to individual and institutional clients.
“We are thrilled to bring the WaterStone team into the MAI fold and continue to expand our presence in Cincinnati,” said Ed Kuresman, MAI regional president, in released comments. “For nearly three decades, WaterStone has provided clients in the region with simplified, high-touch solutions, and we are confident they will make a great addition to our client-centric culture.”
WaterStone became part of MA on Jan. 19, adopting MAI’s brand, the announcement said. Brosz and Roberts assumed the titles of senior wealth advisor, and will work on Kuresman’s team.
“This move will also allow us to leverage expanded capabilities, such as those related to tax and estate planning, that can help us provide more holistic solutions to our clients,” said Roberts in released comments.
WaterStone becomes MAI’s 35th acquisition since 2018, according to the announcement.