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

Financial terms of the deal were not revealed.

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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.

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“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.