The deal bolsters Hub’s retirement and private wealth business. Credit: Mr. Satterly.

Insurance broker Hub International has acquired Millennium Advisory Services to boost its capabilities in retirement and private wealth segments.

Virginia-based Millennium is a fee-only financial planning and asset management firm. Financial terms of the deal were not disclosed.

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It provides financial planning advice and investment management services to clients in the field of education. This includes employees of colleges and universities, as well as endowments and foundation boards.

Hub Retirement and Private Wealth (Hub RPW) national president Joe DeNoyior noted that the addition of Millennium would strengthen the firm’s presence in Virginia as well as in the education markets.

“They share our strong commitment to serving clients as evidenced by their 2021 award for Ongoing Investment Education. We are proud to have them join the Hub RPW team,” DeNoyior added.

Millennium co-founders Paul Hunt and Steve Anderson, along with their team, will join Hub Retirement and Private Wealth in Hub Mid-Atlantic.

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Commenting on the deal, Hunt said: “Joe and the RPW team share our dedication to helping clients achieve financial freedom and save for a successful retirement.”

Hub RPW provides institutional and retirement services to for-profit and not-for-profit organisations as well as customised private wealth management services to individuals and families.

Recent moves by Insurer’s in wealth space

Last month, Dutch insurer NN Group offloaded its asset management business NN Investment Partners to Goldman Sachs Group in a deal valued at about $1.9bn.

In April this year, British insurance broker Ardonagh, owned by US private equity investors HPS Investment Partners and Madison Dearborn Partners, reportedly established an asset management division.

In March, insurance broker Acrisure entered the US asset management space with the establishment of a new division, Acrisure Asset Management.