Acquisition
MAI Capital Management Acquires LOC Investment Advisors for $750M
•February 17, 2026
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Why It Matters
The acquisition accelerates MAI’s consolidation strategy, boosting scale and geographic reach in a fragmented wealth‑management market. It positions the firm to capture high‑net‑worth clients in energy‑related sectors and enhances cross‑selling opportunities.
Key Takeaways
- •MAI acquires LOC for $750M, adding $759M AUM
- •Deal marks MAI's 20th acquisition since early 2024
- •MAI now manages $72.6B assets across 40 offices
- •LOC founders stay on; succession plan begins
- •MAI expands presence in West Virginia and Florida
Pulse Analysis
The wealth‑management industry has entered a phase of rapid consolidation, as boutique firms seek scale to meet rising client expectations for sophisticated investment solutions. MAI Capital’s purchase of LOC Investment Advisors illustrates this trend, adding a legacy regional RIA with deep ties to West Virginia’s energy and infrastructure sectors. By integrating LOC’s seasoned advisory team, MAI not only broadens its geographic coverage but also enriches its service offering for high‑net‑worth households that value localized expertise alongside national resources.
MAI’s aggressive acquisition pace—20 deals since the start of 2024—signals a strategic push to reach a critical mass of assets under management. The combined $72.6 billion AUM portfolio now spans diverse client segments, from professional athletes and Hollywood talent to private‑equity‑backed entrepreneurs. This scale enables the firm to negotiate better terms with custodians, invest in technology platforms like iCapital, and deliver a broader suite of alternative‑investment options, thereby enhancing client retention and attracting new affluent prospects.
For the broader market, MAI’s expansion underscores the competitive pressure on independent RIAs to either consolidate or risk marginalization. The integration of LOC’s legacy client base, particularly in energy‑related industries, offers MAI a foothold in a niche yet resilient sector. As regulatory scrutiny intensifies and fee compression continues, larger multi‑office firms like MAI are better positioned to absorb compliance costs and deliver consistent advisory quality, setting a benchmark for future M&A activity in the wealth‑management space.
Deal Summary
MAI Capital Management announced the acquisition of LOC Investment Advisors, a West Virginia‑based fee‑only RIA with $759 million in assets, in a deal valued at $750 million. The purchase expands MAI’s footprint in West Virginia and Florida and marks its 20th acquisition since early 2024. LOC’s founders will remain involved, and its managing director will become senior wealth advisor.
Article
Source: WealthManagement.com – ETFs
MAI Expands Into West Virginia With $750M RIA Acquisition
Patrick Donachie, Senior Reporter, Wealth Management
February 17, 2026
MAI Capital Management is acquiring LOC Investment Advisors, West Virginia’s longest‑running RIA and a $759 million AUM fee‑only firm.
LOC was founded in 1981 by Robert O’Dell and David Lanham, two of the first Certified Financial Planners in West Virginia.
The firm now has offices in Hurricane, W.Va., and Jupiter, Fla., and works with more than 800 households across 30 states, serving professionals, energy executives and contractors in infrastructure‑related industries.
According to MAI, O’Dell and Lanham will stay involved with the business while beginning a succession plan for the firm’s legacy past their retirement. LOC Managing Director Sean Mayberry will become Senior Wealth Advisor & Team Leader following the transition, guiding LOC’s advisors (who collectively average more than 25 years of industry experience).
“When Dave and I founded this firm more than four decades ago, our goal was to build something that would outlast us, and continue to serve families for generations,” O’Dell said about the deal. “Partnering with MAI fulfills that vision.”
The deal boosts MAI’s presence in West Virginia and Florida and is its 20th acquisition since the start of 2024. The firm, led by Rick Buoncore, has 40 offices nationwide, more than 675 employees, and manages or advises $72.6 billion in assets.
The total includes MAI’s $50.9 billion in AUM and $5.6 billion in AUA, as well as Evoke Advisors, its acquired affiliate that manages $16.1 billion in AUM. MAI’s deal last August to acquire the Los Angeles‑based Evoke nearly doubled the firm’s managed assets, marking the rare combination of two RIAs with tens of billions in AUM that were roughly the same size.
Evoke was founded in May 2019 by several First Republic breakaways and offers investment advice, family‑office services, and financial, trust, and estate planning, focusing on clients from private equity, early‑ and late‑stage venture capital, real estate, tech, and family offices.
Cleveland‑based MAI was founded in 1973 and is owned by Galway Holdings, with a minority investment from Wealth Partners Capital Group. The firm works with about 800 professional athletes, musicians, media executives and other Hollywood celebrities. MAI also recently tapped iCapital for its internal alternative‑investments platform.
In November, MAI revealed an expanded office of managing partners, including former Evoke co‑founder David Hou, now managing partner for an Evoke ultra‑high‑net‑worth division, as well as former Evoke executives Jane Eagle and Jay Sanders as managing partners for Evoke Operations and for family‑office and tax services across the entire RIA, respectively.
About the Author
Patrick Donachie – Senior Reporter, Wealth Management
Patrick Donachie is a senior reporter for Wealth Management, covering federal and state regulation, litigation and M&A deals in financial services. He was born in Staten Island and now lives in Brooklyn, N.Y.
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