Mergers and acquisitions in the 401(k) space continue despite COVID and a controversial election as HUB International Limited (HUB), a global insurance broker, announced two major buys this week.
On Wednesday, HUB said acquired the assets of Baystate Fiduciary Advisors.
Based in Boston, Baystate Fiduciary Advisors offers investment fiduciary advisory services to 401(k) and 403(b) plan sponsors with both a general business approach and a strong concentration in the non-profit sector.
Baystate Fiduciary Advisors manages $2.9 billion in assets and services as of September 2020.
Gregg Andonian, Managing Partner of Baystate Fiduciary Advisors, will join HUB Retirement and Private Wealth (HUB RPW) in New England.
“This move continues to strengthen Hub’s retirement and wealth management services with the addition of talent and resources to develop more comprehensive strategies for clients,” the company said. “HUB RPW works to help plan sponsors create an offering that aligns with their business strategy, navigates fiduciary risk, and helps employees pursue their financial goals. HUB RPW manages more than $93 billion in assets.”
Mergers & Acquisitions: 401(k) in Fort Myers
Earlier in the week, HUB announced that it had purchased Leading Edge Benefit Advisors and a host of affiliates, including:
- Raimey, Corp.
- Leading Edge Human Resource Services
- Leading Edge Companies
- Leading Edge Financial Group
- Leading Edge Retirement Plan Advisors, and
- Leading Edge Wealth Advisors
Terms of the transaction were not disclosed. Located in Fort Myers, Florida, Leading Edge specializes in employee benefits and retirement planning and wealth management solutions.
Donald C. Raimey, Jr., founder and managing member of Leading Edge, and Kerri Sisson, Leading Edge’s Managing Partner, will continue to support the business and its clients and report to Scott Millson, President, Employee Benefits, HUB Florida.
“Leading Edge strengthens Hub’s depth and expertise with employee benefit and retirement services in Florida and expands our talent to an important part of our state,” Chris Gardner, Chief Executive Officer for HUB Florida, said in a statement.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
