MAI Capital Management acquires Monarch Business and Wealth Management

Cleveland-based MAI Capital Management LLC closed the acquisition of New York-based Monarch Business and Wealth Management LLC and its strategic partner, Regal Wealth Management LLC, on Dec. 17, 2021.

Financial and legal terms of the deal were not disclosed.

The acquisition adds a team of financial planning and investment professionals to MAI's sports and entertainment division. It will also expand MAI's family office practice and increase its AUM by over $163 million, according to a news release.

Monarch was founded in 2008 by CEO Barry Klarberg with the goal of delivering innovative and personalized financial planning and business management services to high net worth families, artists, entertainers and professional athletes. Regal launch in 2020 and provides wealth management services, including goals-based investment management, tax planning, legacy planning and assistance with business and personal financing.

Klarberg will assume the role of senior managing director at MAI.

MAI's AUM totaled $12.2 billion as of Nov. 30, 2021.