MAI Capital Management has strengthened its focus on serving athletes and entertainers with the acquisition of a Maryland-based firm dedicated to serving the financial planning needs of Major League Baseball athletes, according to a news release.
The acquisition of Geier Asset Management Inc. (GAM) and its Winpoint Financial arm is the fourth acquisition for the Cleveland-based MAI Capital this year. The transaction, which closed on Friday, increased MAI Capital’s assets under management by about $390 million, bringing its total AUM to $11.8 billion as of Aug. 31. The term fo the deal were not disclosed.
GAM, based in Marriottsville, Md., provides financial planning and wealth management services to wealthy individuals and families. It was founded in 1999 by Joseph “Joe” Geier, who along with Brian Woods, leads the firm. The entire GAM team will become employees of MAI, at which time Geier will assume the role of senior managing director and regional president, while Woods will serve as managing director and senior wealth advisor, the release said.
GAM’s Winpoint Financial arm serves Major League Baseball athletes, the release said, noting that the professional athlete focus complements MAI’s sports and entertainment practice. GAM's unit will work closely with Steve Trax, MAI’s regional president and head of MAI Sports + Entertainment in Reston, Va.
“We are excited to partner with Joe Geier and his team to further strengthen our robust financial services platform meeting the unique needs of our athlete, entertainer and high-net-worth clients,” Trax said in a statement. “This addition validates our commitment to the Mid-Atlantic market and the goal of becoming the preeminent advisory firm for athletes and entertainers. On a personal and professional level, I feel privileged to be working alongside Joe, as I believe he is one of the best in the athlete advisory business.”
Geier said the focus at GAM and Winpoint has always been to deliver "best-in-class" comprehensive services to clients. “After meeting with Steve Trax and Rick Buoncore [managing partner at MAI], I immediately knew that with the expansive range of services and in-house professional expertise that MAI brings to the table, our client experience will be enhanced. We are very excited that this merger will position us to continue to serve our clients’ evolving needs and set the stage for continued growth,” he said.
The transaction is MAI’s 13th acquisition since taking a minority investment four years ago from Wealth Partners Capital Group, a financial services holding company.