CLEVELAND--(BUSINESS WIRE)--MAI Capital Management, LLC (“MAI”), a registered investment adviser specializing in comprehensive investment and financial planning for high-net-worth individuals and families, today announced the acquisition of Carmichael Hill & Associates, Inc. (“Carmichael Hill”). Terms of the transaction were not disclosed.
Headquartered in Gaithersburg, Maryland, Carmichael Hill has offered tailored retirement planning and financial services since its founding in 1989. Principal, Jim Stewart, became the sole owner of the firm in 2013. Under Jim’s leadership, the firm has developed a wide breadth of offerings across retirement, tax, and estate planning, specializing in advising individuals over the age of 50 as well as small businesses. The firm had $350 million in client assets under management as of September 30, 2024.
“The addition of the Carmichael Hill team marks another step forward in our mission to deliver high quality service and solutions for clients,” said James McDermott, Market Leader and Regional President at MAI. “Jim has built an exceptional team and array of services that aligns seamlessly with our own values. Providing them with our infrastructure and additional resources will only enhance the strong offering they’ve built for their clients.”
Carmichael Hill will adopt MAI’s brand identity and receive its internal infrastructure, including HR, operations, and marketing resources. As part of MAI, Jim Stewart, Principal, will take on the title of Sr. Wealth Advisor & Team Leader.
"When considering a partner, we sought an organization with shared values and a commitment to putting clients first. MAI stood out to us, not only due to their offerings, but because they are a strong cultural fit for our team,” said Stewart.
Carmichael Hill joined MAI effective December 6, 2024. In October, MAI acquired Halpern Financial, making this the second expansion into Maryland and the Washington D.C. Metro area this year. Turkey Hill Management advised Carmichael Hill on the transaction.
About MAI Capital Management
MAI is a registered investment adviser and wealth management firm unified in purpose to empower clients to simplify, protect, and grow the wealth they have worked so hard to build. Founded in 1973, the firm helps clients achieve their vision and goals through objective advice, tailored planning, comprehensive and integrated solutions, and highly personal service. The firm is headquartered in Cleveland, OH with offices across 16 US states, a team of over 475 people, and, as of September 30, 2024, $30.3 billion in total assets including $3.1 billion in assets under advisement.* For more information, visit www.mai.capital or MAI’s company page on LinkedIn.
*Including accounts advised but not actively managed by MAI and accounts managed by third-party advisors using an MAI model.
