Hub International Buys $435M Wealth Manager, Retirement Firm
Hub International Limited, a Chicago-based publicly listed global insurance brokerage and financial services firm, has acquired Bethesda, MD-based AFS 401(k) Retirement Services, LLC and AFS Financial Group, LLC., a retirement plan consulting and wealth manager.
Terms of the transaction were not disclosed.
The deal strengthens Hub’s Retirement and Private Wealth (RPW) practice by adding $435 million in assets under management, according to AFS’ ADV form filing in 2021, to RPW’s total assets of $148 billion.
The transaction will be integrated into the staff of Hub’s Mid-Atlantic division AFS, which includes Alp Atabek, founder and principal; Alex Assaley, principal; and Jason Dahl, principal.
AFS assists mid- and large-sized organizations in managing employer-sponsored retirement plans and financial wellness programs, according to the company.
“AFS’s reputation and relationships will help us continue the strategic expansion of our retirement and wealth management services,” said Hub Retirement and Private Wealth president Joe DeNoyior.
The collaboration exemplifies a growing trend in the M&A world. Regardless of market conditions, large-scale national insurance brokerage powerhouses continue to purchase retirement and wealth-focused practices to boost RPW platforms and create new cross-sell opportunities.
AFS’s financial advisor was Wise Rhino Group, an M&A consulting practice that serves retirement wealth and third-party administrator firms.