Hub acquires $3.4 billion plan consultant

The principals of GRP Financial California will join Hub’s private wealth business.

Hub International, a Chicago-based insurance brokerage and financial services firm, has acquired GRP Financial California, a San Clemente, California-based retirement plan consulting firm managing $3.4 billion.

Terms of the transaction were not disclosed.

Hub has announced a spate of deals in the retirement space so far this month, including the acquisitions of $2.3 billion Pittsburgh-based 401(k) consultant Fiducia Group, Libertyville, Illinois-based Benefit Partners Group, which advises on 120 retirement plans totaling $290 million, and New York City-based Gold Sky Benefits, which consults on various employee benefits, including health insurance, property and casualty, wellness and student loan payment services.

GRP principals Jason Jeskey, Austin Gwilliam and Kyle Posvistak will join Hub California, along with all the members of the GRP Financial California team.

Hub’s retirement and private wealth group advises on $105 billion.

[More: 401(k) adviser M&A doubles last year’s record]