Hub International, a global insurance brokerage firm, has acquired WhartonHill Advisors and Perennial Pension & Wealth, bringing to five the total number of firms Hub has purchased this week.
WhartonHill, an institutional investment consulting and private wealth firm based in Fort Washington, Pa., brings 234 plan sponsor clients with $3.2 billion in assets under management to Hub along with $18.8 million in assets from individual wealth clients, a Hub spokeswoman said.
New York-based Perennial brings 25 plan sponsor clients and 85 private wealth clients with a combined $110 million in AUM, the spokeswoman said.
Terms of the deals were not disclosed.
The two acquisitions come on the heels of three other purchases Hub made this week, which collectively added $7.7 billion in AUM to Hub's business. The three firms are EPIC Retirement Services Consulting and StoneStreet Pearl River, both based in New York, and McLean, Va.-based Washington Financial Group. The five acquisitions follow Hub's purchase of Peak Financial Group in March and Sheridan Road Financial in January.
Perennial founder and CEO Bob Krieger and WhartonHill principals Andrew DeGroat, John Wenz and Karen McCloskey will join Hub's Northeast division as part of Hub's two latest deal.
