Advest Inc. has purchased The Hannah Group, a consultant to 35 pension funds. Terms were not disclosed.
The two firms have formed Hannah Consulting Group, a wholly owned subsidiary of Advest. John Hannah, who had been chairman and chief executive officer of Hannah Group, is president and co-chair of the Hannah Consulting Group. Hannah gains a partner with client reporting and account processing capabilities that it lacked. Advest, mainly a retail securities firm, was looking to build an institutional consulting business.