MAI Capital Management has acquired Winfield Associates, a Cleveland-based financial planning and wealth management firm with more than $368 million in assets under management, according to a news release.
The transaction closed on June 24. Financial and legal terms were not disclosed.
Founded in 1997 by William Winfield Baker and his son, Christopher “Biff” Baker, Winfield provides comprehensive financial advice, customized investment portfolios and private wealth services for individual investors, endowments and foundations, business owners and professionals, and retirees, the release noted.
The firm’s key executives, Biff Baker and Mark Q. Haley, will both become managing director and partner of MAI, the release noted.
“Our clients are our top priority, and we are committed to delivering comprehensive support and strategies that advance their financial goals,” Baker and Haley said in a joint statement. “Partnering with MAI allows us to continue to deliver this level of service, while enhancing the technology, resources and solutions we offer our clients.”
Rick Buoncore, managing partner at MAI, said they are excited to have the Winfield team on board. “We are proud that MAI is regarded for personalized service and a steadfast commitment to our clients,” he said. “Biff, Mark and the entire Winfield team share this perspective, further empowering our team and extending our reach to additional clients.”
Cleveland-based MAI is a fee-based registered investment adviser and wealth management firm with 17 additional offices nationwide. As of March 31, its AUM totaled $14.4 billion.