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June 21, 2022

Insurance broker Hub International snaps up Heritage Wealth Management

US-based insurance broker Hub International has acquired the assets of Pennsylvania-based independent financial services firm Heritage Wealth Management .

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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
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Financial terms of the deal were not revealed.

The acquired entity serves 300 clients across western Pennsylvania. The firm manages assets of more than $205m as of January 2022.

The acquisition is expected to boost Hub’s Hub Retirement and Private Wealth (RPW) division and enhance its wealth advisory and retirement capabilities.

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

Commenting on the deal, Hub Retirement and Wealth Management president Joe DeNoyior said: “We are excited to welcome Mike and the team to Hub.

“Their experience both on the plan side and serving wealth management clients with their “client first” approach which aligns to the HUB RPW service model.”

Chicago-headquartered Hub has been focusing on expanding its geographical footprint and industry presence through both organic growth and M&A strategy. The firm has also been ramping up its presence in the wealth and retirement segment in recent years.

In October last year, Hub scooped up Silverman Financial to further expand its capabilities in the US wealth management and retirement space.

In September this year, the firm acquired Millennium Advisory Services, expanding its retirement and private wealth capabilities.

In June, Hub acquired the assets of Massachusetts-based Epstein Financial, which provides corporate compliance and regulatory guidance, retirement plan consulting, and wealth management services to the clients.

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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