Hub International has acquired registered investment adviser firm Kornerstone, Hub announced in a news release.
Terms of the deal, which closed Tuesday, were not disclosed.
The acquisition of the Chico, Calif.-based firm will add 150 plan sponsor clients with more than $560 million in assets to Hub's platform, a Hub spokeswoman said.
As part of the transaction, Eric Blofsky, Kornerstone's president, will join Hub along with his team. Mr. Blofsky will report to Darren Caesar, president of Hub Central and Northern California.
The acquisition comes on the heels of Hub's purchase in December of Raffa Financial Services, an insurance and employee benefit brokerage and consulting firm that bolstered Hub's retirement plan roster by more than 165 plans with about $1 billion in assets. The firm acquired 15 retirement-focused services firms last year, including the purchase of the operating subsidiaries of TCG Group Holdings, an investment and consulting firm that had 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.
M&A consulting firm Wise Rhino Group served as the exclusive adviser to Kornerstone.
