MAI Capital Management today announced the acquisition of Traverso Chambers Private Wealth Management, a Santa Rosa, Calif.-based firm with $549 million in assets under management.

The deal is the second acquisition in as many weeks for MAI and the third this year. Traverso Chambers officially joined MAI on January 12, according to a news release. The financial terms of the transaction were not disclosed.

Co-founded by Marc Traverso and Tim Chambers in 2009, Traverso Chambers caters to wealthy individuals, families, foundations, and business owners, the release noted. Both Traverso and Chambers will assume the title of regional president.

“Having carefully explored several growth avenues, we identified MAI as the right partner for Traverso Chambers at the right time,” Traverso said in a statement. “The organization shares our vision, values, and unwavering commitment to client loyalty.”

He added that the partnership will allow the firm to expand its “capabilities into new and complementary areas, including alternative investments,” and “to retain a degree of autonomy in terms of how we service clients and give back to our local community in and around Santa Rosa.”

“Traverso Chambers is a household name in Sonoma County, and we look forward to integrating Tim, Marc, and their colleagues into our firm as we continue to execute on our 2024 growth strategy,” said MAI managing partner Rick Buoncore. “With the addition of our centralized HR, operations and marketing resources, this renowned team will continue to deliver long-term dedicated service for their clients while also navigating the ever-changing financial services landscape.”

Cleveland-based MAI was founded in 1973. The firm has 27 offices including its Cleveland headquarters and more than 275 advisors and staff. As of December 2023, MAI’s AUM totaled more than $18.8 billion, the release noted.