Insurer Alera Group Buys RIA to ‘Bolster’ Wealth Business
Alera Group, an insurance policies agency, is doubling down on prosperity administration by the acquisition of a registered expense advisory with a lot more than $3.5 billion in property.
The obtain of Wharton Organization Group just about quadruples shopper belongings at Alera’s prosperity management business enterprise, identified as Alera Group Prosperity Expert services, which beforehand experienced $1.2 billion in property. The offer shut very last week.
Alera Team CEO Alan Levitz claimed in a assertion that the acquisition of Wharton will allow the business to “bolster our existing prosperity management solutions and national presence.”
The Wall Road bull sits in between Broadway and Exchange Spot in close proximity to the Sporting activities Museum of The us in the Economic District of New York, U.S.
Andrew Harrer/Bloomberg Information
Deerfield, Sick.-primarily based Alera Team offers worker benefits, assets and casualty insurance plan, retirement-plan companies, and wealth providers remedies. The company’s wealth administration unit works by using Fidelity as its custodian but is introducing
Charles Schwab
as a next custodian following the acquisition.
Wharton Enterprise Group, which is not affiliated with the Wharton organization university, was founded in 1992. The Malvern, Pa.-based mostly company offers clients investment decision advisory companies, estate preparing, and organization continuity companies
Wharton Organization Group “represents the kind of business we want to husband or wife with,” reported Tina Hohman, executive vice president and wealth expert services exercise chief, in a assertion. “Its knowledgeable group has specialised experience that enhance our choices and they can leverage our strengths to proceed to increase both equally regionally and throughout the Alera Group system.”
DeVoe & Enterprise served as the sole fiscal advisor, and Alston & Chook served as the sole legal counsel to Wharton Business enterprise Team, according to Alera, which did not disclose offer terms.
Acquisitions of RIAs strike a report large final yr, topping 230 offers, in accordance to a report by DeVoe, which does not keep track of acquisitions of firms with considerably less than $100 million in property.
