Global insurance brokerage Hub International has snapped up Sheridan Road Financial, an institutional retirement consulting and private wealth firm, and certain of its affiliates, Hub International said in a news release.
The financial details were not disclosed.
Sheridan Road advises on more than $14 billion in assets through its retirement plan and wealth management services.
Hub International will look to Sheridan's experience advising clients on specialized retirement plan, private wealth and investment needs to "add depth and breadth to its growing platform of holistic retirement services," said David Reich, Hub's national president of retirement services subsidiary Hub International Investment Services, in the news release.
Sheridan Road's founder and CEO Daniel R. Bryant noted in the release that the partnership was a "great cultural fit," saying the two organizations share the "same dedication to helping Americans retire with their dreams and dignity in place."
Mr. Bryant and Sheridan Road managing partner Jim O'Shaughnessy, will join Hub International's Midwest division and report to Mr. Reich and Neil Hughes, central region president, and collaborating with Lerone Sidberry, president and CEO of Hub Midwest. Mr. Bryant was named president, national sales, retirement and private wealth, and Mr. O'Shaughnessy assumes the role of president of retirement and private wealth, central region, the news release said.
The deal reflects "forces that are making it tougher for firms like Sheridan Road to remain independent," said Dick Darian, a partner at Wise Rhino Group, a merger and acquisitions consulting firm.
Mr. Darian said retirement consulting firms are under significant fee and competitive pressure. He said it makes sense for firms such as Sheridan to sell or affiliate with a large firm where they can grow by having a large firm behind them to boost their business development and provide greater back-office support.
"The retirement consulting advisory business is changing rapidly, and it's impacting how these private firms are able to compete," Mr. Darian said.
