HUB International Limited, a publicly-traded insurance brokerage and financial services firm based in Chicago, announced it acquired the assets of Direct Advisors in Latham, N.Y.
Terms of the transaction were not disclosed.
Direct Advisors, which claims more than $600 million in discretionary client assets, provides benefit plan consultation and third-party administrative services to non-union construction companies that are subject to the Davis-Bacon Act, Service Contract Act and state prevailing wage regulations, according to the announcement. Direct Advisors' focus on the construction industry will complement Hub's existing specialties.
"The Direct Advisors team brings a distinct benefit with ERISA advisory consulting to our Construction Specialty practice that is an excellent fit for Hub," said Joe DeNoyior, president of Hub Retirement and Wealth Management.
"With Direct Advisors on our team, it gives us the ability to leverage their expertise for Hub's Construction Specialty practice and accelerate growth for both Hub and Direct Advisors," said Kirk Chamberlain, Executive Vice President and Chief Marketing Officer of Hub's Construction Specialty. "This is an exciting partnership for Hub, and we will provide our clients with access to unique tools and expertise around prevailing wage claims for publicly funded projects."
Thomas Santa Barbara, president and co-founder of Direct Advisors, and Jeff Bennet, co-founder, will join Hub RPW in New York along with their team
Direct Advisors was represented in the transaction by Wise Rhino Group, a mergers and acquisitions consultant serving financial services and advisory firms.
“Tom and Jeff have been innovators in the prevailing wage consulting space for more than 20 years, building a platform of proprietary systems and trust administration that focuses on serving their clients unique needs.” said Wise Rhino Partner Peter Campagna. “Partnering with Hub, an industry leading construction and public sector insurer creates a national powerhouse uniquely positioned to more comprehensively serve their clients.”
Hub Retirement and Private Wealth offers institutional and retirement services to organizations and customized private wealth management services to individuals and families. Securities are offered through partner broker/dealers not affiliated with Hub and advisory services through both affiliated and unaffiliated registered investment advisors. Affiliated RIAs include Global Retirement Partners, Millennium Advisory Services, TCG Advisors, Hub Investment Advisors, HUB International Investment Advisory Services and Sheridan Road Advisors— all wholly owned subsidiaries of Hub International.