Alera Group, an insurance, wealth and retirement plan services firm, has acquired financial advisory firm The Ascent Group and its affiliated companies, Alera said in a news release Wednesday.
Term of the deal were not disclosed.
The transaction will bolster Alera's assets under management by $2.8 billion. Alera's wealth services registered investment adviser business will receive a $1.5 billion boost in assets, bringing total assets of the business to $7.5 billion.
Alera's retirement plan services business, meanwhile, will see its assets jump by $1.3 billion to "just north of $7 billion," said Alera's Christian Mango, executive vice president and retirement plan services practice leader, in an email. With Ascent’s acquisition, Alera will have more than 700 plan sponsor clients.
Ascent's affiliated companies include Virginia-based Summit Group and Pennsylvania-based Walsh & Nicholson Financial Group. The company employs 42 people, including 15 financial advisers.
"The Ascent Group fits our strategy of providing synergies and strategic benefits across our employee benefits and property and casualty verticals to provide more holistic solutions for clients that can truly bridge gaps for both plan sponsors and participants," Mr. Mango said in the news release.