HUB International, a Chicago-headquartered global insurance provider, said Thursday it has agreed to acquire the operating subsidiaries of Trusted Capital Group (TCG), which includes the company’s registered investment advisory, TCG Advisory Services, with $4.6 billion in assets under management.
Terms of the deal were not disclosed.
TCG provides retirement planning, wealth management, and institutional advisory services to more than 750,000 retirement plan owners in sectors such as education, local government and small to mid-sized businesses.
The acquisition adds more talent and leadership, including TCG’s CEO John Pesce and President Jeff Montgomery, to HUB, and improves the scale of its retirement services, said Martin Yung, president and CEO of HUB’s Texas operations, in a statement.
“TCG has a deep understanding of the retirement landscape and regulatory issues, which will significantly benefit our clients,” Yung said.
The TCG team will join HUB Retirement and Private Wealth, which oversees $105 billion in total client assets and is HUB’s main provider of institutional and retirement services to companies, and a private wealth provider to individuals and families.
In addition to TCG Advisory Services, HUB acquired TCG’s proprietary products, such as the workplace financial wellness technology program known as FinPath and its identity theft protection product called iLock360.
In June, HUB recruited advisor Brandon Chase from Raymond James. The advisor joined HUB’s partner broker/dealer LPL Financial and its office of supervisory jurisdiction, Global Retirement Partners, that was purchased in 2019.
And in April, advisor Kip Adams and his team joined LPL from Kestra, aligning with HUB Retirement and Wealth Management in Fort Worth, Texas.
