MAI Capital Buys $350M AUM Carmichael Hill of Maryland

MAI Capital Management acquired Gaithersburg, MD-based Carmichael Hill & Associates, which managed $350M in client assets as of September 30, in a deal that closed December 6.

Carmichael Hill provides investment and financial planning services, primarily to high-net-worth individuals and families. According to its latest Form ADV filing from March, it managed approximately $270M in assets for HNW investors. Jim Stewart, who became the sole owner of Carmichael Hill in 2013, assumes the role of senior wealth advisor and team leader at MAI Capital following the transaction.

The deal further expands MAI Capital’s footprint in Maryland and metro Washington, DC, following the October acquisition of $1.2B Halpern Financial, and marks the firm’s 10th acquisition of 2024. Terms of the transaction, on which Turkey Hill Management advised Carmichael Hill, were not disclosed.

Source: https://www.businesswire.com/news/beverlyhillschamber/20241209219982/en