Insurance broker Hub International has acquired the insurance brokerage and investment advisory businesses of registered investment advisory firm Quintes Financial Services and third-party administrator Quintes Administrative and Insurance Services, Hub announced in a press release. press Thursday.
The terms of the contract are not disclosed.
The companies’ acquisition will add approximately 250 pension plans with $1 billion in assets under management to Hub’s platform, Darren Caesar, president of Hub Central and Northern California, said in an email.
“We continue to acquire businesses that fit strategically into our culture and where Hub has the greatest opportunity to serve our existing customers,” Caesar said, adding that new announcements are expected soon.
Quintes, which is based in Watsonville, Calif., designs, implements and administers defined contribution pension plans as well as defined benefit and cash balance plans.
As part of the agreement, Marc LaughtonVice President of Quintes, along with the entire insurance brokerage and investment advisory team, have joined Hub.
The transaction follows Hub’s acquisition of RIA Direct Advisors in September and RIA WealthPlan Advisors in August. The acquisition of Direct Advisors increased the Hub’s retirement client list by 54 plan sponsors with $537 million in assets, while the acquisition of WealthPlan Advisors increased the client base by 600 sponsors with over $2.3 billion in assets.
Hub acquired 15 retirement-focused services companies last year, including buying the operating subsidiaries of TCG Group Holdings, an investment and advisory firm that had nearly 1,000 pension plans with about $7 billion dollars of assets.
Hub has been acquiring pension advisory firms since 2017 in an effort to expand its pension and wealth management businesses.