Financial Services Industry
Industry: Email Alert RSS FeedAt the Bell; Adviser aggregator lands financing.(Late News)
Investment News, August, 2006
A successful aggregator of small advisory practices has scored a major new round of financing that ensures its ability to afford to buy as many as 30 more practices. United Capital Financial Partners Inc. of Newport Beach, Calif., gained approval for $15 million from Boston-based Grail Partners LLC.
The capital is enough to buy about $3 billion of assets under management. "At that point, we won't need any outside capital,'' said Joe Duran, chief executive of United Capital. The ability of United Capital to raise cash speaks well of its success, according to David DeVoe, director of mergers and acquisitions for the strategic-client group at Schwab Institutional in San Francisco. "Grail is respected in the business,'' because its partners...
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