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Bethesda-based Prime Investment Advisors acquired by Cleveland firm

MAI’s acquisition of Prime Investment Advisors is the firm’s ninth deal since Galway Holdings, a financial services distribution company, completed its acquisition of MAI in September 2021. (File photo)

MAI Capital Management LLC, a registered investment adviser specializing in comprehensive investment and financial planning for high-net-worth individuals and families, Tuesday announced the acquisition of Bethesda-based Prime Investment Advisors.

The addition of Prime will expand Cleveland-based MAI’s presence in Maryland and widen its mid-Atlantic footprint, while adding significant talent and industry experience to its lineup.

Prime joined MAI Sept. 23 and adds approximately $140 million in assets under management.

Founded in 1991, Prime has built a multitude of client relationships and established a prominent reputation in the Bethesda area. Stephen Polan, founder of Prime, holds a Master’s degree in Taxation and is a licensed CPA.

Prior to Prime, Polan worked at Ernst & Young and MCI Communications advising on executive compensation, stock incentive plans and tax strategies. Now at MAI, Polan will assume the role of senior wealth adviser and managing director.

MAI’s acquisition of Prime Investment Advisors is the firm’s ninth deal since Galway Holdings, a financial services distribution company, completed its acquisition of MAI in September 2021. The firm has shown significant success since this partnership and is focused on continued growth throughout the remainder of 2022 and into 2023.

Earlier this year, MAI announced its partnership in Maryland with Investment Planning Associates located in Rockville and Investment Planning Associates in Rockville and Geier Asset Management in Baltimore.

MAI has 18 additional offices nationwide. As of June 30, MAI’s assets under management totaled $13.4 billion. The firm also provides comprehensive investment management and planning services to high-net-worth individuals, families and athletes. MAI is led by Managing Partner Rick Buoncore.