Insurance broker Hub International has acquired registered investment adviser Fiducia Group, said a news release Monday.
Terms of the deal, which closed Dec. 1, were not disclosed.
Fiducia provides 401(k) and retirement plan consulting services to corporate, Taft-Hartley, public and non-profit plans, Hub said in the news release.
Jessica Wiltse, a Hub spokeswoman, declined to say how many plan sponsor clients will be added to Hub's platform, saying only that Fiducia has more than $2.3 billion in assets under management.
As part of the transaction, Charley Kennedy, Fiducia's managing principal, and James Bartoszewicz, the firm's chief compliance officer — along with the rest of the company's staff — joined Hub.
The transaction follows a string of acquisitions Hub has made this year, including the purchase of the operating subsidiaries of investment and consulting firm TCG Group Holdings, which added nearly 1,000 retirement plans with about $7 billion in assets under advisement to Hub's client roster.
Hub has been snapping up retirement-focused services firms since 2017 in a push to bolster its retirement plan and wealth management business.