Insurance broker Hub International acquired retirement plan consulting firm AFS 401(k) Retirement Services and wealth management firm AFS Financial Group, Hub announced in a Dec. 4 news release.
Terms of the deal were not disclosed.
The acquisition will add 120 plan sponsors with $2 billion in assets under management to Hub's platform, a Hub spokeswoman said.
As part of the deal, the entire AFS team, including company founder and principal Alp Atabek and principals Alex Assaley and Jason Dahl, will join Hub.
The transaction follows three other acquisitions Hub made this year, including the purchase in November of Renaissance Benefit Advisors Group, a registered investment adviser that serves 30 plan sponsors with $1.2 billion in assets under management.
Hub acquired 14 retirement plan and wealth management firms last year, the spokeswoman said.
Hub has been acquiring retirement plan advisory firms since 2017 to expand its retirement plan and wealth management businesses.