MAI Capital Management (MAI), an Ohio-based investment advisory firm, has snapped up the wealth management arm of local firm Calfee Financial Advisors for an undisclosed sum.
The wealth unit of Calfee Financial offers financial planning services for HNW business owners and families. The firm was established in 1991 by Peter Calfee, who has now been appointed as managing director at MAI.
Calfee previously worked as the vice president at Investment Advisors International, the financial planning unit of International Management Group, which eventually became MAI.
“MAI is a homecoming for me, and I’m especially excited to join an established firm with a like-minded culture, expanded offerings and a deep and experienced management team,” Calfee stated.
Moreover, Doug Andrassy of Calfee Financial has now been appointed as the director and wealth manager at MAI.
MAI managing partner Rick Buoncore said: “MAI is on a robust growth trajectory, and we continue to seek opportunities to expand our service offerings and geographic reach. We are thrilled to again partner with Peter, whom we know well. He has built a great business and shares our commitment to client service.
“Peter and Doug have developed valued relationships with their clients. We’re excited to offer access to our advanced technology and in-house resources, which will enhance the client experience.”