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MAI Capital Acquires Wealth Management Practice Catering to Pro Athletes

By Alex Padalka June 18, 2019

Ohio-based RIA MAI Capital Management has acquired Reston, Va.-based MTX Wealth Management, which caters to professional athletes and entertainers, MAI says.

Founded 45 years ago on a “handshake deal” with professional golfer Arnold Palmer, MAI has since grown its book of business to more than 1,200 clients, according to a press release from the company. MTX, meanwhile, oversees $400 million, MAI says.

Under the deal, the financial and legal terms of which the companies didn’t disclose, MTX founder and president Steve Trax will continue overseeing the office as MAI regional director, MAI says. MTX will “consolidate” the advisors working with pro athletes and coaches into a new group within MAI dubbed “MAI Sports,” according to the press release. Trax will be the managing director of the new group and will work alongside MAI’s managing director John Palguta overseeing the sports-focused unit, MAI says.

“Our client relationships are predicated on recognizing the passion and drive it takes our clients to achieve their career goals, and then matching that with our own dedication and understanding of how best to be stewards of their wealth,” Trax says in the press release. “MAI shares this approach in all areas of its business, but what truly sets the firm apart is its four-decade track record of earning the trust of athletes and delivering comprehensive financial planning services tailored to their needs.”

MTX is MAI’s third acquisition since private equity shop Wealth Partners Capital Group took a minority investment in MAI in 2017, MAI says. Earlier this year, MAI purchased CCI Financial Group’s $100 million wealth management division, as reported.

Last year, MAI acquired the wealth management division of Calfee Financial Advisors, according to the press release.