Cleveland-based MAI Capital Management is acquiring Los Angeles-based RIA Evoke Advisors, which will nearly double the firm’s size to approximately $60 billion.
According to MAI Capital Management’s Chairman and CEO, Rick Buoncore, when the firms began discussing a potential deal, they found they shared a culture with Evoke’s services complementing what MAI could offer clients.
“This strategic partnership cements MAI as a destination firm by leveraging Evoke’s distinguished team, along with our own people and differentiators, resulting in a distinct client experience,” Buoncore said in a statement.
Both firms primarily work with ultra-high-net-worth clients, as well as families and institutions. After the combination, the firm will have over 30 offices nationwide. Before the deal, MAI had a team totaling more than 500 and nearly $31.15 billion in managed assets.
Evoke was founded in May 2019 by several breakaways from First Republic and manages about $27 billion. The firm offers investment advice, family office services, financial, trust and estate planning, and tax strategy planning. It focuses on clients from private equity, early and late-stage venture capital, real estate, tech executives, business owners, family offices, foundations and endowments.
According to Evoke Co-Founder and Managing Partner David Hou, the team opted to join MAI after “an in-depth search process,” deciding that MAI would boost the team’s current scale and resources.
“This partnership provides both firms with the opportunity to enhance our abilities to best serve clients and enable the long-term success of the firms we built,” Hou said in a statement.
The deal is slated to close in the fourth quarter, although terms were not disclosed. AO Shearman was MAI’s legal counsel, while Adrea Partners and Ropes & Gray were Evoke’s exclusive financial advisor and legal counsel, respectively.
MAI is owned by Galway Holdings, with a minority investment from Wealth Partners Capital Group. It has been on a tear with acquisitions in recent years; in January 2024, it had acquired more assets in the single month than all of 2023, and it’s made 14 deals since the start of last year.
MAI works with about 800 pro athletes, musicians, media executives and other Hollywood celebrities. The firm also recently tapped iCapital for its internal alternative investments platform.
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