Insurance broker Hub International has acquired the assets of Baystate Fiduciary Advisors, a Boston-based registered investment adviser that focuses on serving retirement plans, Hub announced Wednesday.
Terms of the deal were not disclosed.
Baystate provides investment fiduciary advisory services to 401(k) and 403(b) plan sponsors. It serves 35 plans with $2.9 billion in assets under advisement, said Adam Sokolic, chief operating officer of retirement and private wealth at Hub.
Gregg Andonian, Baystate's managing partner, will join Hub's retirement and private wealth group in New England.
The acquisition is the second for Hub this week. On Monday, it announced the acquisition of Leading Edge Benefits Advisors and its retirement plan and wealth management affiliates.
The insurance broker has been acquiring adviser firms since 2017 in a push to bulk up its retirement plan and wealth management business. It bought 10 firms last year, including Global Retirement Partners, a $40 billion registered investment adviser through which many of the firms Hub acquired cleared their transactions.