Insurance broker Hub International acquired the operating subsidiaries of investment and consulting firm TCG Group Holdings, Hub announced in a news release Wednesday.
Terms of the deal were not disclosed.
The acquisition of TCG will add nearly 1,000 retirement plans with about $7 billion in assets under advisement to Hub's client roster, a Hub spokeswoman said.
The Austin, Texas-based firm has significant expertise serving K-12 school districts, the spokeswoman said.
As part of the transaction, TCG's senior leaders — namely CEO John Pesce, President Jeff Montgomery, COO Scott Hauptmann and CMO Chris Jamail — will join Hub Retirement and Private Wealth in Hub Texas.
The transaction follows a string of acquisitions Hub made this year, including most recently Aegis Retirement Group, a retirement plan consulting based in Memphis, Tenn., and Epstein Financial Services, an East Longmeadow, Mass.-based registered investment adviser firm. Both firms were acquired in June.
Hub has been snapping up retirement-focused services firms since 2017 in a push to bolster its retirement plan and wealth management business.