United Capital acquires $500M firm

United Capital announced its biggest acquisition of the year Monday, a $500 million asset firm that was previously affiliated with Ameriprise Financial. United Capital's latest acquisition, Ellis & Ellis, serves 700 households and is based in The Woodlands, Texas. Byron Ellis, managing director, said the team conducted an extensive search before deciding to join forces with United Capital. “At first we wanted to be independent,” said Mr. Ellis. “We likely considered more than 35 firms as destinations for us — the firm that aligned best with our needs, as well as the needs of our clients, was United Capital.” Ellis & Ellis will bring along 10 staff members who have responsibilities as wealth advisers, assistant wealth advisers, para planners and those in administrative services. “Within the next two years, I can see us adding at least five more advisers to help with the anticipated growth,” Mr. Ellis said.