MAI Capital Management Acquires Pareto Wealth Management streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.
It's the first acquisition announced by MAI in 2022, though the deal actually closed in December. The transaction builds on the RIA's growing national presence and, more specifically, its sports and entertainment and family office practices.
Terms of the acquisition of Investment Planning Associates Inc. of Rockville, Maryland, which closed Friday, Dec. 17, were not disclosed. MAI said the acquisition will increase its assets under management by $235 million.
MAI's roll-up of the boutique wealth manager adds six employees, about $558 million in assets under management and a new presence in North Carolina to the firm.