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Hub International continues buying spree with IBG acquisition
Hub International continues buying spree with IBG acquisition
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Insurance broker Hub International acquired retirement plan consulting firm IBG Financial Partners, Hub announced in a news release Thursday.
Terms of the deal, which closed April 1, were not disclosed.
The acquisition of the Foxborough, Mass.-based firm added 70 plan sponsor clients with roughly $1.6 billion in assets under advisement to Hub s client roster, a Hub spokeswoman said.
As part of the transaction,
Peter Vacheron, principal of IBG, and the entire IBG team of six staff members will join Hub Retirement and Private Wealth.
Q1 2021 Sees ‘Record-Shattering’ Pace of Adviser M&As
Strong market conditions, increased competition from buyers and favorable deals for sellers laid the foundation for the activity, according to the latest data published by Echelon Partners.
Echelon Partners has published its latest quarterly review of adviser and brokerage industry merger and acquisition (M&A) activity, finding the first quarter of 2021 shattered the previous record.
According to Echelon, there were 76 deals that took place in Q1 2021. This is the largest number of deals in a single quarter in the history of the wealth management industry, the report states.
“Strong market conditions, increased competition from buyers and favorable deals for sellers laid the foundation for the record-setting activity,” Echelon reports. “However, anticipation that the new [presidential] administration could introduce higher capital gains taxes that could go into effect in 2022 also accelerated dealmaking activity.”
Hub acquires Plan Sponsor Consultants
The acquisition gives Hub another $2.4 billion in assets under management.
April 8, 2021
Michael Kane and Lee Applebaum of Plan Sponsor Consultants will join Hub Retirement and Private Wealth.
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