Mergers & Acquisitions

MAI Capital Management Acquires Harbor Wealth Management

Women-owned and operated Harbor has been serving clients for over three decades and brings approximately $321 million to MAI’s client AUM

May 06, 2024 09:00 AM Eastern Daylight Time–CLEVELAND–(BUSINESS WIRE)–MAI Capital Management, LLC (“MAI”), a registered investment adviser specializing in comprehensive investment and financial planning for high-net-worth individuals and families, today announced the acquisition of Harbor Wealth Management (“Harbor”). Terms of the transaction were not disclosed.

With a presence in Boulder and Denver, CO, Harbor advises private individuals and families, businesses, company retirement plans, and private foundations on all aspects of investment and wealth management. Founded by Elyse Foster in 1988, the firm had $321 million in client assets under management at the time of the acquisition.

“We are thrilled to welcome Harbor to our growing MAI team and to expand our presence in Colorado,” said Rick Buoncore, Managing Partner at MAI. “Harbor not only shares our client-first mentality, but also has a track record of creating innovative solutions for clients, such as unique services for young professionals and women.”

Elevating To The Next Level

Harbor will adopt MAI’s brand identity and receive the robust internal infrastructure that MAI extends to all acquired firms, including HR, operations, and marketing resources. As part of MAI, Foster and Megan Miller, Principal, Chief Investment Officer and Wealth Manager, will both take on the title of Senior Wealth Advisor, Managing Director.

“As we thought about the next phase of our business, we wanted a partner who could give us the resources that we need to bring our practice to the next level, while allowing us to focus on what we love the most: serving our clients,” said Foster and Miller. “MAI is equipped with the right tools to move our business forward, help our team grow in size and in expertise, and match our deep-rooted, client-centric culture. We are very excited to join the team.”

Harbor joined MAI effective May 3, 2024 as MAI’s 37th acquisition since 2018, and its fifth of 2024.

 

 

 

About MAI Capital Management
MAI is a registered investment adviser and wealth management firm built on the premise of innovative and personalized client care.
Founded over a handshake between Arnold Palmer and Mark McCormack in 1973, MAI has since evolved into an established leader under the stewardship of Managing Partner Rick Buoncore. The firm is headquartered in Cleveland OH with offices across 16 US states. It is comprised of a team of more than 400 fueled by one powerful purpose: to empower clients to simplify, protect, and grow the wealth they have worked so hard to build.
As of March 31, 2024, MAI has $22.5 billion in client assets under management. For more information, visit www.mai.capital or MAI’s company page on LinkedIn.