MAI Capital Management, which has grown to a $6 billon firm in the past two years, is acquiring Alliance, Ohio-based Rodman Capital Management (RCM), which has $75 million in assets under management, according to a news release.

The transaction closed on Friday, the release said. Financial and legal terms of the deal will not be disclosed.

The firm was established in 1988 by David Rodman, who will serve as wealth manager and managing director at MAI, the release said.

“I see an outstanding opportunity for my clients with MAI, as MAI brings the full depth and breadth of its considerable resources and experience to bear on helping my clients to achieve their financial goals,” he said in a prepared statement.

This is MAI’s fifth acquisition since taking a minority investment from WPCG, a financial services holding company, in July 2017. In June, MAI acquired MTX Wealth Management in Reston, Va., and partnered with John D. Dovich & Associates in Cincinnati in July 2019.

Mai also acquired the wealth management division of CCI Financial Group in Akron, Ohio, in April 2019 and the wealth management division of Calfee Financial Advisors in Chagrin Falls, Ohio, in February 2018.

Rick Buoncore, managing partner at MAI, said Rodman has demonstrated a commitment to designing quality investment management strategies and solutions. “He maintains a fiduciary approach, which is central to MAI’s client-first philosophy. We are excited to add David to our team and continue offering goals-based investment management solutions to our clients,” he said.

Cleveland-based Mai Capital Management is a fee-based registered investment adviser and wealth management firm, with additional offices in Cincinnati and Columbus, Ohio, Ponte Vedra Beach, Fla., Nashua, N.H., Irvine, Calif., and Reston, Va. As of September 30, MAI’s assets under management totaled more than $6 billion and assets under advisement totaled more than $740 million.