There was quite a hubbub this week about a series of acquisition announcements from Hub International Limited.
Hub launched the week with the news that it had acquired the assets of McLean, VA-based Washington Financial Group, a firm led by CEO Joe DeNoyior, followed on Tuesday by the news that it had acquired the assets of StoneStreet Pearl River LLC, a firm led by Barbara Delaney. Then on Wednesday, Hub announced it had acquired the assets of New York City-based EPIC Retirement Services Consulting, LLC.
DeNoyior is currently secretary of the American Retirement Association, and, from 2015-2016, served as NAPA President. Delaney, who is currently a member of NAPA’s Leadership Council, has consistently been recognized as a NAPA Top Woman Advisor. StoneStreet was the recipient of the 2016 NAPA 401(k) Advisor Leadership Award. EPIC’s co-founder Eva Kalivas was named as one of NAPA's Top Women Advisors in the Captains category in both 2017 and 2018.
Hub closed out the week with the Thursday announcement of its acquisition of WhartonHill Retirement Services, LLC, Strategic Planning Resources, Inc. and Karen McCloskey (collectively doing business as WhartonHill Advisors), and Friday’s news that the assets of New York City-based Perennial Pension & Wealth had been acquired.
Despite the burst of acquisition announcements, it wasn’t the first big move into the retirement space. Hub acquired the $14 billion in assets of Sheridan Road Financial in January, and was recently reported to have reached an agreement to buy Global Retirement Partners, a $40.1 billion registered investment adviser that serves as LPL Financial’s largest retirement-focused branch. In March, Hub announced that it had acquired the assets of Peak Financial Group, LLC in Houston, TX, which had more than $1 billion in retirement assets serviced as of February 2019.
Wonder what’s next?
