MAI acquires insurance-oriented RIA

MAI Capital Management, a Cleveland-based RIA managing $5.4 billion, has acquired John D. Dovich & Associates, a Cincinnati-based RIA managing $600 million that specializes in insurance. The acquisition gives MAI a location in Cincinnati and forms the basis of MAI Insurance Solutions, which is devoted to planning-based insurance services, the firm said in a release. (More: RIA takes a bigger piece of the pro athlete market)​ John Dovich, who launched his firm in 1987 and has since overseen its insurance and wealth management businesses, will manage the combined firms' Cincinnati office, head its new insurance unit and become a partner of MAI. More than 10 members of the Dovich firm are moving to MAI. Financial and legal terms of the deal were not disclosed. In addition to its offices in Ohio, MAI operates in Ponte Vedra Beach, Fla., Nashua, N.H., Irvine, Calif., and Reston, Va. (More: A near-record quarter for RIA acquisitions)