Insurer Alera Group Buys RIA to ‘Bolster’ Wealth Business
Alera Group, an insurance policies company, is doubling down on wealth management via the acquisition of a registered expense advisory with more than $3.5 billion in assets.
The obtain of Wharton Business Group practically quadruples client belongings at Alera’s prosperity administration small business, acknowledged as Alera Group Wealth Providers, which earlier had $1.2 billion in belongings. The deal shut very last 7 days.
Alera Team CEO Alan Levitz reported in a statement that the acquisition of Wharton will empower the firm to “bolster our current wealth administration companies and countrywide existence.”
The Wall Road bull sits amongst Broadway and Trade Location in the vicinity of the Sports activities Museum of The usa in the Economical District of New York, U.S.
Andrew Harrer/Bloomberg Information
Deerfield, Ill.-dependent Alera Group provides staff gains, assets and casualty insurance, retirement-program services, and prosperity solutions methods. The company’s prosperity administration unit utilizes Fidelity as its custodian but is including
Charles Schwab
as a next custodian immediately after the acquisition.
Wharton Organization Group, which is not affiliated with the Wharton enterprise school, was started in 1992. The Malvern, Pa.-based agency gives consumers financial investment advisory products and services, estate scheduling, and organization continuity solutions
Wharton Business enterprise Team “represents the form of organization we want to husband or wife with,” claimed Tina Hohman, government vice president and wealth providers follow chief, in a assertion. “Its skilled crew has specialised knowledge that complement our choices and they can leverage our strengths to proceed to improve both regionally and across the Alera Team system.”
DeVoe & Enterprise served as the sole financial advisor, and Alston & Fowl served as the sole legal counsel to Wharton Company Group, in accordance to Alera, which did not disclose offer phrases.
Acquisitions of RIAs strike a history superior past yr, topping 230 specials, in accordance to a report by DeVoe, which does not track acquisitions of companies with significantly less than $100 million in assets.
