MAI Capital Management: Platform Profile

Overview

MAI Capital Management is an SEC-registered wealth manager with investment-management, planning, family-office and private-fund capabilities.

Its June 2026 disclosures contain two important current changes.

First, the current Part 2A no longer provides the standardized retail AUM fee tables that appear in many older summaries.

It states that portfolio-management fees are negotiated and can be:

• percentage of assets;
• flat fee;
• retainer;
• another arrangement.

Second, Carlyle-affiliated funds acquired a majority equity stake in MAI effective:

• Carlyle majority ownership effective: 2026-06-04

That ownership creates new affiliated-product and compensation conflicts.

May fit better for

• households seeking integrated wealth management;
• clients with approximately $500,000 or more for investment management;
• high-net-worth and ultra-high-net-worth families;
• sports and entertainment professionals;
• family-office clients;
• eligible investors considering proprietary private funds;
• clients comfortable with negotiated pricing.

May fit less well for

• investors seeking a standardized published fee table;
• small accounts;
• clients who want no private-fund or owner-affiliation conflicts;
• users who want one universal custodian;
• investors who need daily liquidity from every private investment;
• clients who assume older MAI fee tables remain current.

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MAI Capital Management, LLC is the legal adviser

Current IAPD:

• Investment adviser: MAI Capital Management, LLC
• CRD: 109807
• SEC number: 801-58104
• SEC registration effective: 2000-10-02

Current Form ADV Part 2A is dated June 30, 2026.

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Current Part 2A suggests $500,000 for investment management

June 2026 Part 2A:

• Suggested investment management minimum: $500,000
• Minimum is suggested not absolute: Yes

MAI says it can accept accounts below the suggested minimum for wealth-management clients who establish managed accounts.

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Form CRS uses a broader $250,000-$500,000 suggested range

Current June 2026 Form CRS states:

• CRS suggested minimum range: $250,000-$500,000

The Part 2A is more specific for the investment-management account:

• Part 2A investment management suggested minimum: $500,000

The documents describe the current advisory relationship at different levels of specificity.

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Full-service wealth management has a separate client-profile reference

Current Part 2A:

• Full service suggested net worth: $1,000,000
• Full service suggested current income: $150,000

These are suggested client characteristics.

They are not an absolute account minimum.

Private partnerships can require higher product-specific minimums.

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Current pricing is negotiated rather than one standard tier table

June 2026 Part 2A:

• Fee methods:
• percentage of assets
• flat fee
• retainer
• other negotiated arrangement
• Asset based rates client specific: Yes
• Tiered asset fees possible: Yes

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Current Form CRS still provides a general fee ceiling reference

June 30, 2026 CRS states that MAI generally computes and charges approximately 1% and does not charge more than 1.50% annual investment-management fee for ordinary discretionary or non-discretionary portfolios.

The exact client agreement controls.

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Cash can remain in the fee base

Current Part 2A states that cash can be included in the fee calculation when the agreement provides for it.

MAI earns more when fee-billed cash remains in the account than when it is distributed or excluded.

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Third-party managers can add separate costs

Current Part 2A:

• Third party subadvisers possible: Yes
• Subadviser fee can exceed MAI fee: Yes

A client can therefore pay:

• MAI advisory fee;
• sub-adviser fee;
• fund expenses;
• custodian/transaction costs.

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Wrap programs add another fee layer

A limited number of clients participate in outside broker-sponsored wrap programs.

Current disclosure:

• Limited wrap accounts: Yes
• Client pays MAI fee plus wrap sponsor fee: Yes

MAI does not receive part of the sponsor's wrap fee.

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Performance fees are limited to specified private funds

Current Part 2A lists numerous proprietary private funds with performance-based fees.

The brochure explicitly states that MAI does not charge performance-based fees for other accounts or strategies.

Private-fund incentive compensation can still create allocation and risk-taking conflicts.

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Carlyle became majority owner in June 2026

Current June 2026 disclosure:

• Carlyle majority stake effective: 2026-06-04
• Ownership vehicle: Runway Holdings Topco, L.P.
• MAI employees retain large minority equity: Yes

This replaces older ownership summaries involving Galway/Harvest/Oak Hill as current controlling ownership.

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Carlyle-related products create a new current conflict

If MAI recommends Carlyle-related opportunities, Carlyle or affiliates can receive:

• management fees;
• performance allocations;
• carried interest;
• transaction fees;
• monitoring fees;
• financing fees;
• administrative fees;
• other compensation.

The conflict is material.

It is not proof that a Carlyle product is unsuitable.

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MAI manages proprietary funds and an affiliated mutual fund relationship

Current disclosure includes:

• MAI private funds;
• MAI Managed Volatility Fund;
• Evoke as an affiliated SEC-registered adviser;
• proprietary and affiliated investment structures.

Where MAI earns a fund-level advisory fee on the Managed Volatility Fund, the current brochure states the fund shares are excluded from the ordinary account fee calculation.

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Fidelity and Schwab are major custody-platform references

Current Part 2A:

• Custodian:
• Fidelity / National Financial Services
• Charles Schwab & Co., Inc.

MAI is not affiliated with those custodians.

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Fidelity referral program creates a custody incentive

MAI participates in Fidelity Wealth Advisor Solutions.

MAI's brochure states the arrangement can create an incentive to suggest Fidelity custody for referred clients.

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Current scale must separate AUM and AUA

Current June 30, 2026 public disclosures show:

• Combined client assets: $80.4 billion
• AUM component: $73.8 billion
• AUA component: $6.6 billion
• As of: 2026-06-30

The public combined figure is not a substitute for regulatory AUM.

The June 30 Part 2A, using May 31, 2026 data, reported approximately:

• Part 2A total AUM: $72.295 billion

Store dates and definitions separately.

Assessment

MAI is the most time-sensitive review in Batch 50.

The June 2026 disclosure materially changes two common summaries.

First, current portfolio pricing is client-specific and negotiated rather than one standardized public AUM table.

Second, Carlyle-affiliated funds became the majority owner effective June 4, 2026.

The current minimum data also require careful labeling:

• $500,000 suggested investment-management minimum in Part 2A;
• $250,000–$500,000 suggested range in Form CRS;
• $1 million net worth and $150,000 income suggested for full-service wealth management.

None should be converted into one absolute universal minimum.