Fresh Off $30B Blockbuster, MAI Acquires California-Based RIA

Core Insights - MAI Capital Management has acquired Summit Financial Advisors, which has approximately $570 million in assets under management, shortly after announcing a merger with Evoke Advisors, which has $27 billion in assets [1][2] - Following the integration of Evoke, MAI will manage a total of about $60 billion in assets, positioning itself among the largest registered investment advisors (RIAs) in the market [2] - MAI's Chairman and CEO, Rick Buoncore, indicated that the firm is still looking for additional acquisition opportunities, focusing on firms that share a client-first mindset and a commitment to growth [3] Company Strategy - MAI is pursuing mergers and acquisitions (M&A) with a disciplined approach, seeking firms that align with its culture and growth strategy [3] - The firm is exploring expansion opportunities in Texas, Arizona, and Southeast Florida, while prioritizing finding the right fit for its growth strategy [3] - Summit Financial Advisors specializes in working with tech executives and entrepreneurs, focusing on equity-based compensation, concentrated stock portfolios, and tax strategies [3] Integration and Management - The team from Summit will remain intact post-acquisition, with Rafael Velez taking on the role of regional president and senior managing director [4] - MAI is prioritizing a seamless integration process for both advisors and clients from the Evoke acquisition, with ongoing efforts throughout Q4 and beyond [4] - The Evoke name will be retained alongside MAI, reflecting its established reputation among high-net-worth clients [5]