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United Capital purchases Paragon Investment Management

California-based wealth manager United Capital Financial Advisers has acquired Seattle-based registered investment adviser Paragon Investment Management, in a move to provide national coverage for its high-net-worth clients.

With the addition of 15 investment professionals, the acquisition will boost United Capital’s footprint in the Northwest region of the country.

Upon completion of the transaction, Paragon founder Shari Burns will assume the role of managing director at United Capital.

Commenting on the acquisition, Burns said the transaction will help the company to reduce its time and effort on administrative, accounting and regulatory aspects and focus on customer services.

Managing $15bn in client assets and $8bn in assets under management, the acquirer has plans to increase its offices from 41 to 50 by the end of 2013.

Established in 1991, Paragon manages more than $1bn in assets and operates through a team of eight financial advisers and numerous equity and fixed-income analysts.