MAI Capital and Evoke Advisors Merge to Form $60 Billion AUM Firm

In a landmark move within the wealth management industry, Cleveland-based MAI Capital Management has announced a merger with Los Angeles-based Evoke Advisors. The deal will nearly double MAI's assets under management (AUM) to an impressive $60 billion and expand its national presence to over 30 offices. This significant merger is expected to close in the fourth quarter of 2025.

A Major Step in Wealth Management Consolidation

The merger marks one of the largest registered investment advisor (RIA) combinations in the summer 2025 M&A season, reflecting the growing trend of consolidation in the financial advisory sector. Prior to the deal, MAI managed $31.15 billion in assets and had a team of more than 500 professionals. Evoke Advisors, founded in May 2019, contributes an additional $27 billion in AUM and offers a comprehensive suite of services such as investment advice, financial planning, family office services, trust and estate planning, and tax strategy planning.

Rick Buoncore, Chairman and CEO of MAI Capital Management, emphasized the synergy between the two firms. "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", said Buoncore.

David Hou, Co-Founder and Managing Partner of Evoke Advisors, echoed this sentiment, noting the alignment of values and goals between the two organizations. "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 stated.

A Broader National Presence

The merger positions MAI as a dominant player in the ultra-high-net-worth and institutional advisory space. With the addition of Evoke’s capabilities, MAI continues to solidify its reputation as a leading wealth management firm. MAI’s client base includes approximately 800 professional athletes, musicians, media executives, and other Hollywood celebrities, adding to the firm’s prestige and market clout.

The merger also strengthens MAI’s operational infrastructure, furthering its mission to deliver customized financial solutions to its diverse clientele. MAI, owned by Galway Holdings with a minority investment from Wealth Partners Capital Group, has been aggressively pursuing growth through acquisitions, having completed 14 deals since the start of last year.

Legal and Advisory Support

The merger process has involved extensive legal and advisory support. AO Shearman served as legal counsel for MAI, while Adrea Partners and Ropes & Gray acted as Evoke’s exclusive financial advisor and legal counsel, respectively. Although the transaction's terms were not disclosed, the deal is expected to close by the end of the year.

As the wealth management industry continues to experience significant consolidation, this merger illustrates the strategic moves firms are making to stay competitive and deliver enhanced services to their clients. With their combined resources and expertise, MAI and Evoke are poised to set a new benchmark in the financial advisory landscape.

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