MAI Capital Management says it has acquired a wealth management practice based in Ohio.

The latest addition is Cleveland-based Pareto Wealth Management, led by Sean Kriak and Joe Palko, according to MAI. Pareto was previously a unit of McDonald Partners Wealth Advisory Group in Cleveland, according to MAI.

As part of the deal, Pareto’s entire team is joining MAI, with Kriak and Palko joining as managing directors, the company says.

The companies didn't disclose the terms of the deal, which closed on Tuesday.

The recent addition is MAI’s eighth acquisition since Galway Holdings acquired MAI in September 2021, the company says.

Last month, MAI added the $1.27 billion Intersect Capital.

Earlier this year, MAI also acquired a $368 million practice based in Cleveland and an established firm based in New York.

MAI had $13.4 billion in client assets as of the end of June, according to the firm.

Do you have a news tip you’d like to share with FA-IQ? Email us ateditorial@financialadvisoriq.com.