Hub International snaps up almost $3 billion in assets

Hub International is continuing its retirement adviser acquisition tear, announcing this week purchases of two more U.S.-based firms.

On Wednesday, the company indicated it had acquired the $2.9 billion in assets managed by Boston-based Baystate Fiduciary Advisors. That followed an announcement two days earlier that Hub had bought the business of Fort Myers, Florida-based Leading Edge, which provides workplace benefits, retirement plan and wealth management services. The assets of the latter acquisition were not disclosed.

With those deals, Hub’s Retirement Plan and Private Wealth business oversees about $93 billion, according to the firm.

Chicago-based insurance broker Hub began an obvious move into the U.S. retirement plan consulting business in 2019, when it snapped up Sheridan Road Financial’s $14 billion in assets and more than $40 billion of Global Retirement Partners member firms. Hub currently employs more than 12,000 people in North America, according to the company.

Prior to the two recent deals, Hub had acquired assets from at least six other U.S. workplace benefits firms this year, including Hollis Companies, The Employee Benefits Corporation, GBC Benefits, The Healy Group, Linton & Associates and Triester, Rossman & Associates. 

Related Topics: M&A, Mergers and Acquisitions, Retirement Plan Advisers