MAI acquires $549M ‘household name’ RIA on the West Coast

investmentnews.com:

MAI Capital Management has added another RIA firm to its growing network after announcing its third acquisition so far in 2024.

The firm has acquired Traverso Chambers Private Wealth Management, with its co-founders Marc Traverso and Tim Chambers both becoming regional presidents. Their firm was founded in 2009 and has grown to manage $549 million in client assets.

MAI’s 34th acquisition since 2018 adds to the firm’s presence in Northern California as part of a nationwide growth strategy. It recently announced its acquisition of $1.4 billion AUM Madison Wealth Management to enhance its presence in Ohio and Northern Virginia.

“Traverso Chambers is a household name in Sonoma County, and we look forward to integrating Tim, Marc, and their colleagues into our firm as we continue to execute on our 2024 growth strategy,” said Rick Buoncore, managing partner at MAI. “With the addition of our centralized HR, operations and marketing resources, this renowned team will continue to deliver long-term dedicated service for their clients while also navigating the ever-changing financial services landscape.”

For Traverso Chambers, joining MAI followed careful consideration of the myriad options available to RIA firm seeking to take the next step in their business.

“By joining MAI, we are able to expand our capabilities into new and complementary areas, including alternative investments,” Chambers added. “This partnership also allows us to retain a degree of autonomy in terms of how we service clients and give back to our local community in and around Santa Rosa.”

As of December 29, MAI has more than $18.8 billion in client assets under management and a team of more than 275 advisors and staff.