MAI Capital Management announced Wednesday that it is acquiring Los Angeles-based RIA Evoke Advisors as part of a deal expected to close by the fourth quarter that will create a combined firm with about $60 billion in assets under management (AUM) and assets under advisement (AUA) across over 30 offices, according to the companies.
The transaction will expand the combined firm’s national presence and strengthen its position with ultra-high net worth (UHNW) family, individual and institutional investors, MAI said.
MAI, founded in 1973, had 33 offices prior to the transaction. As of June 30, the firm had almost $35 billion in total assets – $31.15 billion in AUM and $3.84 billion in AUA – including retirement plans and other accounts advised but not actively managed by MAI.
Evoke, founded in May 2019, managed about $27 billion – $12 billion on a discretionary basis and $15 billion on a non-discretionary basis – as of June 30, according to the firms.
After the transaction completes, Evoke’s team will increase MAI’s ability to provide customized wealth management and institutional consulting, according to the firms.
Clients of both firms will be able to benefit from a wider and more integrated platform of services, they said. The combined firm will also “gain operational efficiencies by centralizing its infrastructure, integrating shared resources across technology, compliance, marketing, investment operations and other key areas,” according to MAI.
“The transaction is structured as an acquisition, with MAI acquiring Evoke Advisors,” Rick Buoncore, CEO and Chairman of MAI Capital Management, told WSR.
“We’ve known and admired each other for years, and over the past several months began discussing ways to work together,” he said. “Those conversations flowed naturally, and ultimately, we recognized that our cultures and vision for client service were strongly aligned.”
MAI used the term “strategic partnership” to describe the deal because, he explained: “This isn’t simply a financial transaction – it’s about aligning two firms with complementary strengths and a shared client-first culture.”
He pointed out, “The combined firm will remain headquartered in Cleveland, where MAI has been based since 1973. Evoke’s Los Angeles, and broader California presence, is critical to our growth strategy, and at this time we do not anticipate office closures.”
Before the deal, MAI had about 525 employees, while Evoke had over 100 employees across three offices, Buoncore told WSR.
Noting that “we recognize the value in both the MAI and Evoke brands,” he told WSR, “Evoke will continue as a specially branded offering for ultra-high net worth clients within MAI. We’ll provide further details on branding and integration as they are finalized.”
“We founded Evoke with a clear vision to create a client-focused organization,” according to David Hou, Co-Founder and Managing Partner of Evoke.
“After an in-depth search process, we decided that joining forces with MAI gives our team the scale and resources to deepen our offerings while preserving the vision that brought us to this point,” Hou said in a news release.
He added, “This partnership provides both firms with the opportunity to enhance our abilities to best serve clients and enable the long-term success of the firms we built.”
Of Evoke’s leadership team, Hou; Jane Eagle, President; and Jay Sanders, Family Office and Tax Services Co-President, will join MAI’s Office of Managing Partners, the firm’s leadership and strategy committee, Buoncore told WSR.
“MAI was founded more than 50 years ago with a simple belief—that athletes and entertainers deserve high class financial guidance,” according to Joe McLean, Managing Partner, Family Office and Sports & Entertainment at MAI.
AO Shearman is serving as legal counsel to MAI. Ardea Partners is serving as exclusive financial advisor and Ropes & Gray is serving as legal counsel to Evoke.
MAI completed one acquisition so far in 2025 and signed seven letters of intent for potential future transactions after completing 12 transactions in 2024, Buoncore noted.
“Our strategy is both organic and inorganic,” he told WSR. “We’ll continue to invest in people, technology, and client service to deepen relationships and capabilities, while also pursuing strategic M&A opportunities where there’s strong cultural alignment. We don’t set numerical targets for acquisitions – our priority is long-term fit and building one of the nation’s most trusted destinations for families, entrepreneurs, institutions, and the advisors who serve them.”
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
