United Capital seals business negotiations with Peak Capital
United capital is set to take over Peak Capital after an acquisition deal was agreed.
United Capital Financial Advisers has announced it is to acquire Peak Capital Investment Services.
The latter firm currently has $600 million (£375 million) in assets and it is part of the former's plan to build a national wealth advisory organisation.
Negotiation strategies may have been particularly tricky as Joe Duran, chief executive officer of United Capital, told Investment News that his company is "highly selective" when it comes to choosing who to work with.
He added the movement made by Peak Capital in the defined contribution space was impressive and one of the reasons the acquisition was an attractive proposition.
Peak Captial's senior vice-presidents Brandon Ross and Jonathan Blumenthal and chief investment officer Tim Harder will all join United Capital as part of the arrangement.
At present, United Capital has $10 billion under administration of client assets at 23 offices in the US, including sites in San Diego, San Francisco and Denver.
Posted by David Gleck
Source: Reuters, Investment News, November 2nd