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MAI Capital takes over HWFA,strengthens its acquisitions portfolio

MAI Capital has carried out 10 acquisition since 2017, out of which four were carried out last year

MAI Capital, an Ohio-based investment advisory firm, will take over HW Financial Advisors (HWFA). HWFA is an affiliate of Howard, Wershbale & Co (HW&Co), an accounting firm.

Furthermore, HWFA is led by Mr Stephen Rudolph. The company which has been in the market for 20 years, has managed client’s assets worth $700 million. It is reported that will completely run under the new management of MAI Capital but, it will continue its relationship with HW&Co.

MAI Capital has carried out 10 acquisition since 2017, out of which 4were carried out last year amid the pandemic which included companies such as Grisanti Capital Management, Smith Capital Management, Greenway Family Office and J.M. Hartwell. All the acquisitions took place in the US.

David DeVoe of DeVoe & Company, told the media, “MAI is a leading acquirer. Their model is resonating with many sellers, as they are an RIA – just like the seller – which can feel more comfortable than selling to a consolidator. They were one of the most active RIAs as a buyer in 2020 and seem to be on track to sustain that through this year. The sale of a firm with $700 million in client assets such as FWFA is an example of the wider trend in the midsize RIA market. The post-Covid surge of activity was led by $1 billion plus sellers. This is being followed by an increase in mid-sized sales, which will likely run through the next two quarters.”

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