Alera Team, an insurance coverage agency, is doubling down on prosperity administration as a result of the acquisition of a registered investment advisory with more than $3.5 billion in belongings.
The invest in of Wharton Enterprise Group approximately quadruples shopper property at Alera’s wealth administration business enterprise, recognized as Alera Group Prosperity Solutions, which beforehand had $1.2 billion in belongings. The offer closed final week.
Alera Group CEO Alan Levitz stated in a statement that the acquisition of Wharton will allow the corporation to “bolster our present prosperity management products and services and countrywide presence.”
Deerfield, Sick.-based Alera Team features employee benefits, residence and casualty coverage, retirement-prepare providers, and wealth products and services methods. The company’s wealth administration unit utilizes Fidelity as its custodian but is adding
as a second custodian following the acquisition.
Wharton Business enterprise Group, which is not affiliated with the Wharton company university, was launched in 1992. The Malvern, Pa.-based mostly agency features purchasers financial investment advisory expert services, estate preparing, and enterprise continuity companies
Wharton Small business Group “represents the form of organization we want to companion with,” reported Tina Hohman, executive vice president and prosperity products and services apply chief, in a assertion. “Its experienced team has specialised knowledge that enhance our choices and they can leverage our strengths to carry on to expand equally regionally and across the Alera Team system.”
DeVoe & Business served as the sole monetary advisor, and Alston & Chicken served as the sole lawful counsel to Wharton Business enterprise Team, in accordance to Alera, which did not disclose deal phrases.
Acquisitions of RIAs strike a report large very last 12 months, topping 230 promotions, according to a report by DeVoe, which does not monitor acquisitions of corporations with significantly less than $100 million in belongings.