Investment advisory MAI Capital Management LLC of Cleveland, Ohio, on Monday announced the acquisition of Garrison Asset Management of Fayetteville.
Terms of the transaction, which took effect Dec. 20, were not disclosed.
Garrison brings $317 million in assets under management to MAI. The firm had been owned by Kerry Bradley and James Bell since 2017.
Under the deal, Garrison will adopt the MAI brand and Bradley and Bell will take on the title of senior portfolio managers.
MAI has more than $30.3 billion in total assets, including $3.1 billion in assets under management. The firm employs more than 475 people in 16 states.
“When evaluating our next step, we knew we needed a firm that would understand our clients like we do as well as could provide the resources to enhance our services,” Bradley and Bell said in the release “Like MAI, we are driven by the opportunity to truly help individuals, families, and organizations accomplish their financial goals and are looking forward to utilizing these new resources as well as offering our decades of expertise focused on making people’s financial lives better.”
The transaction gives MAI two locations in Arkansas, including an office in Little Rock.
“Not only are we adding excellent wealth advisors through the addition of the Garrison team, but we are also bringing in distinguished investment expertise to help grow our clients’ portfolios,” Stephen Chaffin and Jay White, regional presidents at MAI in the Little Rock area, said in a statement. “We’re looking forward to bringing Kerry, James, and team on board as talented advisors who share our ‘client first’ mentality.”
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