Insurance broker Hub International has acquired the assets of retirement plan consulting firm Plan Sponsor Consultants.
Terms of the deal, which closed April 2, were not disclosed.
The acquisition of the Atlanta-based firm added 184 plan sponsor clients with $2.4 billion in assets under management to Hub's client roster, a Hub spokeswoman said.
The addition also builds on Hub's expansion in the Gulf South region and strengthens its retirement capabilities, Shaun Norris, president of Hub Gulf South, said in a Hub news release Tuesday. As part of the transaction, Michael Kane, managing director of Plan Sponsor Consultants, and Lee Applebaum, senior vice president, joined Hub Retirement and Private Wealth in Hub Gulf South.
The acquisition follows Hub's purchase on Dec. 31 of Alpha Pension Group, a Boston-based registered investment adviser firm that served 572 retirement plan sponsor clients with some $2.9 billion in assets under management. In March, it also announced the acquisition of the assets of Ohio-based Benefit Strategies Agency and its affiliate Financial Strategies Agency, two employee benefits, retirement and financial planning firms.
Hub has been acquiring retirement-focused businesses since 2017 in a push to bulk up its retirement plan and wealth management business.