Insurance broker Hub International acquired retirement plan consulting firm CSi Advisory Services, Hub announced in a news release Monday.
Terms of the deal were not disclosed.
The acquisition of the Indianapolis-based company will add $1.1 billion in assets under management to Hub's platform, the news release said. Of the $1.1 billion, roughly $800 million is from retirement plan business generated from more than 150 plan sponsors, according to the Wise Rhino Group, an M&A consulting firm that represented CSi in the transaction.
As part of the deal, Kristi Baker, CSi managing partner, and Kelli Davis, CSi vice president of retirement plan consulting, along with the CSi services team, will join Hub.
Ms. Baker and Ms. Davis will join as executive vice presidents, and they will be responsible for managing and building the retirement and private wealth business, a Hub spokeswoman said.
The acquisition follows Hub's purchase in April of 401(k) Advisors, a retirement plan services provider, which boosted Hub's retirement plan roster by 30 plans with $1.3 billion in assets under management. The firm acquired 15 retirement-focused service firms last year, including the purchase of the operating subsidiaries of TCG Group Holdings, an investment and consulting firm that had as clients nearly 1,000 retirement plans with about $7 billion in assets.
Hub has been acquiring retirement plan advisory firms since 2017 in a push to expand its retirement plan and wealth management business.
