United Capital acquisition breaks up Atlanta RIA

United Capital Financial Advisers LLC is acquiring PPA Investments Inc. and signing on four advisers from the Roswell, Ga.-based registered investment adviser. Four other advisers are not joining United, said Ross Ramsey, managing member of PPA. Those four advisers will continue to use the PPA Advisors name until they merge with another firm later this year, said Daniel Dubay, one of the four. He declined to name the firm they plan to merge with. "There is no problem between the two groups of advisers," said Mr. Dubay, adding that the main reason for the split was differences between the advisers' practices and the needs of their clients. "We both decided to make a change because we needed different business models." Mr. Ramsey said United would help him and his colleagues with compliance and operational issues and allow them to focus more on their client base. “The tools and resources United has will allow us to spend more time with our clients,” said Mr. Ramsey. As with all firms acquired by United Capital, PPA will assume the United Capital name and operate under the firm's RIA. Along with Mr. Ramsey, Corley Watson III, Randy Berry and Charles “Rocky” Costa, III, are joining United. The four advisers joining United are bringing $224 million in assets under management and another $122 million in advised assets. Mr. Ramsey declined to comment on the four advisers who are not joining United. Prior to the acquisition announced today, PPA managed more than $550 million. PPA is the second firm that United Capital has acquired in the Atlanta market within the past year. In September, the firm bought Sanders Financial Management Inc. United now has 44 offices nationwide and $8 billion in assets under management. It advises on another $9 billion in 401(k) assets.