Hub International, a publicly traded insurance brokerage and financial services firm based in Chicago this week announced they acquired AFS 401(k) Retirement Services and AFS Financial Group, a retirement plan and wealth management consulting firm based in Bethesda, Md., with $2.3 billion in assets under advisement.
AFS was founded in 1988 and is led by principal Alex Assaley. It supports mid- and large-sized organizations in managing employer-sponsored retirement plans and financial wellness programs, according to the company. The AFS dedicated wealth management team is led by founder Alp Atabek and principal Jason Dahl.
Hub International has over 17,000 employees in offices located throughout North America. Hub has announced dozens of other acquisitions in recent years, the majority of which have added to its insurance business. The Hub Retirement and Private Wealth practice services about $148 billion total assets.
Wise Rhino Group, an M&A advisory practice serving retirement wealth and third-party administrator advisory firms based in Charleston S.C., represented AFS in the deal, the terms of which were not disclosed.