Industry consolidation and M&A activity continued Wednesday with the announcement that Sheridan Road Financial has been acquired by Hub International Limited.
Certain Sheridan Road affiliates were also acquired as part of the deal.
Headquartered in Chicago, Illinois, with additional offices throughout the U.S., Sheridan Road is an institutional investment consulting and private wealth firm offering investment management, retirement plan expertise, fiduciary services and wealth management, among other areas of expertise.
It manages $14 billion in assets and services 300,000 individuals through its retirement plan and wealth management practices.
“I’m excited to partner with the whole Sheridan Road team, as they have deep experience advising clients on specialized retirement plan, private wealth and investment needs,” David Reich, Hub’s National President of Retirement Services, said in a statement. “Their capabilities add depth and breadth to our growing platform of holistic retirement services. Sheridan Road will be an integral part of expanding these services.”
Sheridan Road founder and CEO Daniel Bryant and managing partner Jim O’Shaughnessy will join Hub Midwest and report to Reich and Neil Hughes, Central Region president.
Bryant was named president of National Sales, Retirement & Private Wealth and O’Shaughnessy assumes the role of president of Retirement and Private Wealth, Central Region.
Sheridan Road’s advisors will now be part of Hub International Investment Services, but they will also maintain their broker-dealer affiliation with LPL.
“We are extremely excited for this partnership with Hub,” Bryant added. “Hub is a great cultural fit for us. We share the same dedication to helping Americans retire with their dreams and dignity in place and are both passionate about empowering individuals and families to develop a financial roadmap and help them choose their day to retire. We are also excited about the continuing partnership with LPL and look forward to expanding that relationship going forward.”
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.
