MAI Capital Management, a Cleveland-based registered investment advisor, has agreed to acquire OG Private Wealth, a fee-only RIA with offices in Chico and Hermosa Beach, California. The transaction adds approximately $551 million in assets under management and more than 300 client households to MAI's platform, according to a company announcement.
OG Private Wealth was founded by brothers Ryan and Mike O'Donnell, who previously worked at Merrill Lynch and Raymond James before launching their own practice, the O'Donnell Group, in 2012. The firm focuses on entrepreneurs, business owners, and affluent families, offering investment management alongside integrated planning for cash flow, estate matters, pre-sale strategy, and taxes. Its client base spans Northern California, Los Angeles, and Miami.
MAI Chairman and CEO Rick Buoncore said the O'Donnells' business is "deeply rooted in trust," noting their work with clients who have complex wealth needs. Ryan O'Donnell said the firm wanted more resources without sacrificing its culture, and that joining MAI provides access to "robust institutional investment capabilities, family office resources and specialized expertise." Mike O'Donnell added that the partnership allows the firm to maintain its founding principles while scaling, with backing to serve clients "with more confidence than ever."
The acquisition is part of a broader expansion strategy that has seen MAI complete more than 20 deals since January 2024. Earlier this year, MAI entered the Atlanta market through its acquisition of Waypoint Wealth Counsel, a roughly $490 million deal that Buoncore described as "strategically important." In June, MAI added a Dallas-based, veteran-founded RIA to its Evoke platform and acquired Connecticut's Saybrook Wealth Group.
The pace of dealmaking has accelerated since Carlyle Group took a controlling stake in MAI this spring, valuing the firm at more than $2.8 billion. Buoncore has said the Carlyle capital will fund further expansion in markets including Texas, Denver, Chicago, and Boston. As of April 30, MAI and its affiliated advisors managed approximately $77.3 billion in total client assets.
The California deal comes as the state's Proposition 40, a proposed one-time 5% tax on billionaires' net worth, heads for the November 3 ballot. The measure has drawn warnings from policy experts and investors. In an analysis published last week, Tax Foundation senior fellow Jared Walczak wrote that the proposal faces numerous constitutional challenges, including its retroactive residency date and an apportionment structure that taxes 100% of a former resident's wealth even after they leave the state. Walczak said those issues could lead courts to strike down the tax entirely rather than modify it.
The proposal has also sparked public debate. Over the weekend, billionaire investor Mark Cuban clashed with Democratic Representative Ro Khanna over the measure, warning that founders who are "cash poor, stock rich" could be forced to leave the state, according to Fox Business. Khanna, who has defended the tax as a way to protect health care funding, proposed allowing illiquid founders to pledge shares as collateral for a state loan. Cuban rejected the idea, arguing it would generate no additional cash revenue from those taxpayers.
For MAI, the OG Private Wealth acquisition strengthens its presence in a state that holds significant wealth. According to recent data, California tops the nation in total senior wealth at $4.2 trillion, though per-capita figures are led by states like Maine and Hawaii. The move also aligns with broader trends in the RIA space, where firms are increasingly using acquisitions to expand geographically and add specialized capabilities, as noted in recent advisor surveys on private markets.
