For United Capital, which specializes in acquiring mid-sized advisory firms, the transaction is believed to be a departure from the usual, since Paragon is a much larger firm than the typical United Capital acquisition.
Currently, Paragon has US$1 billion in assets under management (AUM) and is one of the larger women-owned RIAs in the country.
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By GlobalDataThe company was founded by Shari Burns in 1991 and serves HNWI, families and institutional clients. It has 15 investment professionals.
Upon completion of the transaction, Burns will serve as a managing director with United Capital, which has US$15 billion in client assets and has 41 offices.
Additionally, United Capital will also add resources and expertise to Paragon’s existing operation, including giving Paragon access to state-of-the art technology, portfolio management systems and additional investment research.
Commenting on the move, Burns said: "By leveraging United Capital’s platform, our office will be able to spend less time on the administrative, accounting and regulatory areas of running a financial advisory business and more time focused on the most important aspects of our client relationships."
The terms of the transaction have not been disclosed.
