MAI Capital Management and Evoke Advisors Announce Merger to Form $60 Billion AUM Firm

MAI Capital Management is merging with Evoke Advisors, doubling its assets under management to $60 billion and expanding its national footprint to over 30 offices. The deal marks one of the largest RIA combinations of the summer 2025 M&A season, as MAI aims to increase its presence in the ultra-high-net-worth and institutional advisory space. The merger is expected to close in Q4.

Cleveland-based MAI Capital Management has announced its acquisition of Los Angeles-based Evoke Advisors, a move that will nearly double the firm's size to approximately $60 billion in assets under management. The acquisition is set to close in the fourth quarter of 2025, according to sources.

MAI Capital Management, known for its work with ultra-high-net-worth clients, families, and institutions, will expand its national footprint to over 30 offices. Before the deal, MAI had a team of more than 500 and managed nearly $31.15 billion in assets. Evoke Advisors, founded in May 2019, manages about $27 billion and offers a range of services including investment advice, family office services, financial planning, trust and estate planning, and tax strategy planning.

Rick Buoncore, Chairman and CEO of MAI Capital Management, stated that the firms found they shared a culture and that Evoke's services would complement what MAI could offer clients. "This strategic partnership cements MAI as a destination firm by leveraging Evoke’s distinguished team, along with our own people and differentiators, resulting in a distinct client experience," Buoncore said in a statement.

David Hou, Co-Founder and Managing Partner of Evoke Advisors, noted that the team chose to join MAI after an in-depth search process. "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," Hou said.

The acquisition is one of the largest RIA combinations of the summer 2025 M&A season, highlighting the growing trend of consolidation in the wealth management industry. MAI has been on a tear with acquisitions in recent years, having made 14 deals since the start of last year. The firm also works with approximately 800 pro athletes, musicians, media executives, and other Hollywood celebrities.

MAI is owned by Galway Holdings with a minority investment from Wealth Partners Capital Group. The firm recently tapped iCapital for its internal alternative investments platform. The deal is expected to close in the fourth quarter, although terms were not disclosed. AO Shearman was MAI's legal counsel, while Adrea Partners and Ropes & Gray were Evoke's exclusive financial advisor and legal counsel, respectively.

[1] https://www.wealthmanagement.com/wealth-management-industry-trends/mai-acquires-l-a-based-evoke-advisors-making-a-60b-firm
[2] https://www.nasdaq.com/articles/evoke-pharma-secures-fda-orange-book-listing-new-gimoti-patent-extending-2038
[3] https://www.benzinga.com/crypto/cryptocurrency/25/08/47305070/ethereum-etfs-hit-11-billion-combine-with-bitcoin-for-244-billion-in-assets-under-management