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September 8, 2021

Hub International expands private wealth capabilities with new acquisition

By Verdict Staff

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

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Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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

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.

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.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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