MAI Capital Management, an independent registered investment advisor and wealth management firm, announced its acquisition of St. Louis.-based Greenway Family Office with $500M in assets under management.
Financial and legal terms of the deal, which closed on Nov. 20, were not disclosed.
Joan Malloy, who will assume the role of regional managing director, family office at MAI, founded GFO in 2010. Prior to that, she was president of St. Louis Trust Company, which she co-founded. Before that, Malloy worked at Price Waterhouse and Arthur Andersen. She will be joined by her team, according to a press release.
“The MAI team embodies a culture of superior service and provides a personalized touch for its clients,” Malloy said in a statement. “This approach mirrors our team’s foundational beliefs. As we align our focuses, we will be better positioned to serve our clients and offer more robust solutions to help them meet their goals.”
Rick Buoncore, managing partner at MAI, said Malloy and her team have fostered a deep commitment to client service.
"Joan’s leadership and specialization in serving wealthy families and business owners will be a significant driver in MAI’s future growth,” he said in a statement.
This is Cleveland-based MAI’s second acquisition of 2020 and eighth since getting a minority investment three years ago from Wealth Partners Capital Group, a financial services holding company. Last year, MAI completed five transactions, including regional expansions to Reston, Va., Cincinnati, Ohio, and New York City. MAI also entered into a joint venture with North Carolina-based Curi to create Curi Capital, an RIA catering to physicians.