United Capital Financial Advisers has purchased Westport Resources Management's private client group, which manages $373 million of assets tied to high-net-worth individuals.
The firm will be renamed
Westport Resources and its founder John Vaccaro, 71, will become a United Capital managing director based in Westport, Conn., according to a company statement Thursday. Terms of the acquisition weren't disclosed.
United Capital acquires registered investment advisory firms across the U.S. in cash and stock deals that give the sellers some equity in the Newport Beach, Calif.-based firm, according to Matt Brinker, its head of national partner development. The Westport Resources deal adds to United Capital's footprint in New England, where it has offices in South Norwalk, Conn., and Holyoke, Mass.
The firm, which has about $16.8 billion of assets, centralizes compliance, billing and information technology of the wealth management firms it buys, allowing the former owners to focus on their clients, Mr. Brinker said. The average age of the sellers is 48, he said.
“Joining United Capital immediately offers our advisers and clients a new set of digital financial tools that will help keep us relevant when communicating with and helping the next generation,” Mr. Vaccaro said in Thursday's statement.
Mr. Vaccaro founded Westport Resources in 1986 after a career in theater. He was the founding administrator of New York City's 42nd Street Theater Row, according to United Capital, and has no plans to slow down.
“I'm planning to continue to work as long as I'm effective,” Mr. Vaccaro said in an email. “I know that this is what I am meant to do and, most importantly, I enjoy doing it. Why stop?”
