MAI Capital Management, an independent registered investment advisor, has acquired MTX Wealth Management, which specializes in serving professional athletes, according to a press release.

The deal, which closed on Friday, increased MAI’s assets under management by over $400 million, the release said. The firm had about $5.4 billion under management or advisement as of the end of March.

Financial and legal terms were not disclosed.

Under the leadership of founder and president Steve Trax, MTX is a full-service financial and investment advisor to high-net-worth individuals including professional athletes and entertainers. Trax will continue to oversee the office as MAI regional director, the release said.

MTX, based in Reston, Va., will consolidate the advisors who assist professional athletes and coaches into a dedicated service group within MAI, branded MAI Sports, according to the release.

Also, Trax will assume the role of managing director at MAI Sports, working alongside MAI’s John Palguta, managing director, to lead the firm’s expanded sports-focused business unit.

“Our client relationships are predicated on recognizing the passion and drive it takes [for] our clients to achieve their career goals, and then matching that with our own dedication and understanding of how best to be stewards of their wealth,” Trax said in a prepared statement. 

This is Cleveland-based MAI’s third acquisition since taking a minority investment from Wealth Partners Capital Group, a financial services holding company, in July 2017. MAI acquired the wealth management division of Calfee Financial Advisors last year and the wealth management division of CCI Financial Group Inc. in April.

MAI was founded more than 45 years ago on a “handshake deal” with famed golfer Arnold Palmer, according to the release.

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