MAI Capital Management, a Cleveland-based registered investment advisor with approximately $77.3 billion in assets under management, has acquired Service Academy Capital Management (SACMGT), a Dallas-based RIA founded by industry veteran Brian Sears. The deal, announced this week, adds SACMGT to MAI's Evoke ultra-high-net-worth division, deepening the firm's footprint in one of the nation's most active wealth management markets.
SACMGT was established in 2015 by Brian Sears, a former co-head of Barclays Wealth America for the Western United States. Sears also served as global co-head of distribution and product development for alternative investments at Neuberger Berman and began his career as a wirehouse advisor at Goldman Sachs and Merrill Lynch. He will remain in a client-facing role as investment advisor and senior managing director, preserving the firm's bespoke approach.
“Brian and his team have built just the kind of firm we seek out – one where the client relationship comes first and the investment approach is as unique as the clients they serve,” said Rick Buoncore, chairman and CEO of MAI Capital Management. The acquisition aligns with MAI's strategy to expand its ultra-high-net-worth capabilities, following its acquisition of Evoke Advisors last year, which brought deep ties to the entertainment and sports industries.
David Hou, managing partner of Evoke in Los Angeles, described Dallas as a dynamic market for ultra-high-net-worth clients. Through the partnership, Sears and his team will gain access to Evoke's Family Office Service Group, which provides tax, estate, and lifestyle planning tailored to multigenerational wealth. SACMGT specializes in constructing customized portfolios using both private and public market investments, calibrated to individual client risk profiles and objectives.
MAI's acquisition of SACMGT is part of a broader inorganic growth strategy. Since January 2024, MAI has completed more than 20 acquisitions across markets including Appalachia, the Southeast, the Mid-Atlantic, and the West Coast. In March, MAI announced that funds managed by global investment firm Carlyle had agreed to acquire a majority stake in the company at a valuation exceeding $2.8 billion, enhancing a relationship that began with Carlyle holding a minority position via an investment in Galway Holdings.
SACMGT carries a distinctive mission dimension as a 100% disabled veteran-owned business. Since its founding, Sears has offered pro-bono financial planning and advisory services to U.S. veterans and their families facing financial hardship. A recent report from the FINRA Investor Education Foundation found that U.S. veterans exhibit greater financial resilience than non-veterans, with 51% of veterans falling into the more resilient “Standing Strong” and “Holding Steady” categories, compared to 40% of non-veterans. However, the proportion of veterans in the most vulnerable “Living on the Edge” segment increased from 20% in 2018 to 23% in 2024, with younger, female, and non-white veterans disproportionately affected.
“After visiting MAI in Cleveland, meeting with leadership and sitting in on research calls, I found a firm that shares a philosophy similar to the one we built at Service Academy Capital Management,” Sears said, highlighting a shared focus on providing integrated wealth management solutions and giving back. The deal underscores MAI's commitment to expanding its ultra-high-net-worth platform while integrating firms with strong cultural alignment.
