American insurance brokerage HUB International has strengthened its retirement and wealth management services with the purchase of the assets of Baystate Fiduciary Advisors.
Financial terms of the deal were not disclosed.
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Massachusetts-based Baystate Fiduciary Advisors offers investment fiduciary advisory services to 401k and 403b plan sponsors with both a general business approach and a strong concentration in the non-profit sector.
As of September this year, the company managed $2.9bn in assets and services.
As part of the transaction, Baystate Fiduciary Advisors managing partner Gregg Andonian will join Hub Retirement and Private Wealth (HUB RPW) in New England.
The addition of Andonian and other new resources are expected to strengthen Hub’s retirement and wealth management services and enable it to develop enhanced strategies for clients.
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By GlobalDataHUB RPW, which manages over $93bn in assets, provides institutional and retirement services to for-profit and not-for-profit organisations and customised private wealth management services as well as individuals and families.
It also focuses on helping plan sponsors create offerings in accordance with their business strategy and help them in navigating fiduciary risks.
Headquartered in Illinois, Hub specialises in property and casualty, life and health, employee benefits, investment and risk management products and services.
The company has a workforce of more than 12,000 people and has offices across North America.
HUB intends to grow its reach through both acquisitions as well as organic growth.
Earlier this week, HUB International acquired the assets of Leading Edge Benefit Advisors and affiliates for an unknown sum.
In June this year, the company took over the assets of The Clements Agency and its fully-owned subsidiary Flagstaff Insurance for an undisclosed sum.
This followed HUB’s previous strategic acquisitions of Canada-based JM Rose Insurance Agency and Vestas Financial Services.
