United Capital buys Peak Capital Investment
(Reuters) - United Capital Financial Partners Inc said on Wednesday it bought Peak Capital Investment Services for an undisclosed sum as it seeks to build a national wealth advisory firm through multiple acquisitions.
Peak, with offices in Dallas and Denver, has about $600 million in assets under management, United Capital said in a statement.
United Capital, which was formed in 2004, said Peak's Senior Vice Presidents Brandon Ross and Jonathan Blumenthal and Chief Investment Officer Tim Harder will join the company as managing directors.
In January, United Capital's Chief Executive Joe Duran told Reuters he expects to continue to buy investment firms as it looks to expand in several cities -- including Atlanta, Boston, Denver, New York, Los Angeles, Philadelphia, Phoenix, St. Louis and Portland, Oregon, he said.
As of June 30, 2011, United Capital and its affiliates had $16 billion in assets under advisement, up $3 billion from the start of the year.
(Reporting by Jochelle Mendonca in Bangalore;Editing by Supriya Kurane)
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