Hub buys $2.3 billion 401(k) consultant Fiducia Group

Insurance brokerage Hub International Ltd. has snapped up about a dozen retirement plan firms this year, further pushing into a market it first entered in 2019.

The Chicago-based company today announced that it has bought the assets of Pittsburgh-based Fiducia Group, which manages about $2.3 billion among its retirement plan clients. Along with that deal, Fiducia managing principal Charley Kennedy and chief compliance officer and principal James Bartoszewicz are joining Hub.

Fiducia specializes in 401(k) consulting and also works with public entities, nonprofits and Taft-Hartley plans.

This year, Hub has been focused on expanding its presence in the retirement market, adding a service aimed at small businesses in March. That option, Hub Retirement Select, is intended in part to win retirement plan business from the roughly 600,000 corporate clients for which the company already provides employee benefits or insurance services.

In July, Hub disclosed a deal for Austin, Texas-based Trusted Capital Group, which had about $4.6 billion under management at the time, among about 750,000 plan participants.

Among other retirement plan consultant or adviser acquisitions this year, the firm also picked up $2.4 billion Plan Sponsor Consultants, $500 million Aegis Retirement Group, $400 million Epstein Financial and $1.6 billion IBG Financial Partners.

Currently, Hub Retirement and Private Wealth includes about $105 billion in assets across the advisory affiliates in that division, according to the firm. The company had about 10,000 retirement plans in its book of business at the time it announced Retirement Select.

In 2019, Hub made a significant move into the retirement plan business, with the purchase of Sheridan Road Financial’s $14 billion in assets at the time, along with more than $40 billion of business from Global Retirement Partners’ member firms.

Across its wider business, Hub International report having more than 13,000 employees in numerous offices in North America.

The post Hub buys $2.3 billion 401(k) consultant Fiducia Group appeared first on InvestmentNews.

Andrew is half-human, half-gamer. He’s also a science fiction author writing for BleeBot.

Andrew Vincent
Andrew is half-human, half-gamer. He's also a science fiction author writing for BleeBot.
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