MAI Capital Management, a fee-based registered investment advisor in Cleveland that specializes in serving professional athletes and entertainers, said it has expanded its footprint in Ohio and Northern Virginia with the purchase of Cincinnati firm Madison Wealth Management.

Madison has $1.4 billion in assets under management, which adds to an MAI war chest that totaled $18.8 billion as of Dec. 29.

Madison, launched in 2000, has offices in Washington, D.C., and Northern Virginia, according to MAI Capital in its press release announcing the acquisition. Madison is led by co-founder and President Jim McDermott, while its chief investment officer is Ed Kuresman. Both men take on the title of regional president as part of the MAI deal, which was completed last week.

“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,” McDermott said in a press release.

“With over $1.4 billion of client assets under management, [Madison] provides customized financial planning and investment portfolio management, retirement and stock option planning and trust and estate advisement,” said MAI in the press release.

The terms of the deal, which closed Jan. 5, were not disclosed, though MAI said that this is its 33rd acquisition. The firm set out on its acquisition strategy in 2017 after forming a partnership with a holding company, according to its website. 

MAI is a wealth management firm that offers comprehensive planning to wealthy individuals and families, especially athlete clients, where the firm’s roots are. The firm has 26 offices in addition to its Cleveland headquarters, and it’s helmed by managing partner Rick Buoncore.

“The Madison team has demonstrated not only growth and success across two major metros, but also a dedication to their communities that we at MAI share,” said Buoncore in a prepared statement. “We look forward to expanding our reach and integrated capabilities with the addition of this talented team.”

MAI’s acquired firms are offered help with HR and marketing, the press release said.

MAI has its origins in an organization called Investment Advisors International in 1973 founded by sports agent and lawyer Mark McCormack to handle the financial life of golfer Arnold Palmer and later other sports figures and celebrities, according to the company website. After a series of spinoffs and acquisitions, the firm took on its current form under Buoncore’s leadership in 2007.

Correction: The original version of this story overstated the number of MAI's offices. It has 26 offices in addition to its Cleveland headquarters.