Insurance broker Hub International acquired Alpha Pension Group, a Boston-based registered investment adviser firm, Hub said Wednesday.
Terms of the deal were not disclosed.
Alpha Pension Group serves 572 retirement plan sponsor clients with some $2.9 billion in assets under management. The firm provides investment analytics, fiduciary governance, and guidance to corporations and nonprofits on retirement planning.
Shawn McLaughlin, president and CEO of Hub New England, said in a new release that Alpha Pension Group's expertise will benefit Hub's New England clients "as they continue to seek more transparency and personalized retirement service offerings."
Alpha Pension Group's president and CEO, Rich Cawthorne, and its CFO, Mark Salamone, will join Hub New England.
The acquisition, which closed Dec. 31, follows Hub's purchase of six retirement-focused RIA practices last year. The insurance broker has been acquiring adviser firms since 2017 in a push to bulk up its retirement plan and wealth management business.
Consulting firm Wise Rhino Group represented Alpha Pension Group in the transaction.
