Alera Group is carrying momentum from 2022 into the new year by adding $2.8 billion of assets under management through the acquisition of The Ascent Group.
The Deerfield, Illinois-based financial services conglomerate announced Wednesday morning that the deal would boost assets under management at two Alera divisions. Approximately $1.5 billion would be added to the registered investment advisor business Alera Group Wealth Services, and $1.3 billion will go to Alera Group Retirement Plan Services.
The acquisition of Virginia Beach, Virginia-based Ascent Group includes affiliated companies Summit Group and Walsh & Nicholson Financial Group.
The Ascent Group, created in 2021, employs 42 people, including 15 financial advisors.
The Ascent Group’s investment infrastructure includes a turnkey asset management platform developed in part to reduce overall client expenses by bringing critical functions in-house and eliminating vendors.
“We’re builders and what drew us to Alera Group is the opportunity to keep building a better system, faster, leaner, and more cost-effective for clients,” said co-founder Jeff Silverman in a statement.
“Now we can do so on a larger scale, reaching a larger number of advisors and investors,” Silverman added.
For Alera Group Wealth Services, the additional RIA assets of $1.5 billion add to approximately $6 billion in AUM to bring the firm's total to $7.5 billion at the end of 2022.
In August, after Alera Group announced three deals in as many months, company executives said the goal was to reach $10 billion under management within a year. And the company appears to be on track to meet that goal.
“The Ascent Group fits our strategy of providing synergies and strategic benefits across our employee benefits and property & casualty verticals to provide more holistic solutions for clients that can truly bridge gaps for both plan sponsors and participants,” Alera Group’s Christian Mango, executive vice president and retirement plan services practice leader, said in a prepared statement.
“We’re thrilled to welcome the team as a cornerstone member of our growing division,” he added.
As Goldman Sachs tightens rules on event contract trading, RIAs and hedge funds are weighing their own policies
Meanwhile, Wells Fargo lures defectors from UBS and JPMorgan to expand in the East Coast, while another bank aligns itself with RayJay's financial institutions division.
New research suggests AI-exposed workers over 55 are leaving jobs more often than before ChatGPT’s rise.
Agentic AI is landing in trading, treasury and wealth management roles across major banks, with advisory functions as the next frontier.
Wells Fargo affiliate and women-focused wealth firm both promote leadership as they scale advisor support.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
