Insurance broker Hub International has acquired retirement plan consulting firm GRP Financial California, Hub announced in a news release Tuesday.
Terms of the deal were not disclosed.
The acquisition of the San Clemente, Calif.-based firm will bring about 87 retirement plans with more than $3.4 billion in assets to Hub's platform, a Hub spokeswoman said in an email.
The addition will also expand Hub's presence and ability to bring its services to more businesses in California, Joe DeNoyior, president of Hub Retirement and Private Wealth, said in the news release.
As part of the transaction, GRP Financial California principals Jason Jeskey, Austin Gwilliam and Kyle Posvistak — along with the rest of the entire team — will join Hub in Los Angeles.
"The GRP Financial California team brings tremendous experience in managing retirement plans for plan sponsors and providing financial wellness services to help their employees plan for a successful financial future," Mr. DeNoyior said in the release.
The deal follows a string of acquisitions Hub 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.
