Insurance brokerage Hub International has acquired retirement advisory firm CSi Advisory Services, Hub announced in a press release on Monday.
The terms of the deal were not disclosed.
The acquisition of the Indianapolis-based company will add $1.1 billion in assets under management to Hub’s platform, the press release said. Of the $1.1 billion, about $800 million came from pension plan business generated by more than 150 plan sponsors, according to Wise Rhino Group, an M&A advisory firm that represented CSi in the transaction.
As part of the deal Kristi Bakermanaging partner of CSi, and Kelly DavisCSi Vice President of Retirement Plan Advice, will join Hub along with CSi Services team.
The acquisition follows Hub’s April purchase of retirement plan service provider 401(k) Advisors, which added 30 plans to Hub’s roster of retirement plans with $1.3 billion in assets under management. The company acquired 15 retirement-focused services companies last year, including purchasing the operating subsidiaries of TCG Group Holdings, an investment and advisory firm that had nearly 1,000 retirement plans as clients with about $7 billion in assets.
Hub has been acquiring retirement consulting firms since 2017 to grow its retirement and wealth management business.