Hub International Limited, an insurance brokerage and financial services firm headquartered in Chicago, announced Tuesday that it had acquired Glen Allen, Va.-based Millennium Advisory Services, a financial planning and asset management firm.
Terms were not announced. The transaction was completed Sept. 1.
"The team at Millennium strengthens our presence both in Virginia and in the education markets," said Joe DeNoyior, national president of Hub Retirement and Private Wealth, said in a Tuesday news release.
Hub Retirement and Private Wealth, a unit of Hub International, has approximately $105 billion in assets under management through several registered investment advisory affiliates, Jessica Wiltse, a company spokeswoman, confirmed in an email.
Millennium has $525 million in AUM, she wrote. She added that all 25 members of Millennium, including Paul Hunt, co-founder and president, and Steve Anderson, co-founder and vice president, will join Hub.
Millennium specializes in financial planning advice and provides investment management services to colleges, universities, endowments and foundation boards, the news release said.