Insurance broker Hub International has acquired the insurance brokerage and investment advisory businesses of both registered investment adviser firm Quintes Financial Services and third-party administrator Quintes Administrative and Insurance Services, Hub announced in a news release Thursday.
Terms of the deal were not disclosed.
The acquisition of the businesses will add approximately 250 retirement plans with $1 billion in assets in assets under management to Hub's platform, Darren Caesar, president of Hub central and northern California, said in an email.
"We are continuing to acquire firms that strategically fit into our culture and where Hub has the greatest opportunity to serve our existing clients," Mr. Caesar said, adding that new announcements are expected soon.
Quintes, which is based in Watsonville, Calif., designs, implements and manages defined contribution retirement plans as well as defined benefit and cash balance plans.
As part of the deal, Mark Laughton, vice president of Quintes, along with the entire insurance brokerage and investment advisory team, have joined Hub.
The transaction follows Hub's acquisition of RIA firm Direct Advisors in September and RIA firm WealthPlan Advisors in August. The acquisition of Direct Advisors boosted Hub's retirement client roster by 54 plan sponsors with $537 million in assets, while the WealthPlan Advisors acquisition lifted the client count by 600 sponsors with more than $2.3 billion in assets.
Hub 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.