Chicago-based Hub International, an insurance broker and financial services firm, has acquired the assets of Direct Advisors, a Latham, New York-based benefit plan consulting firm and third-party administrator.
Terms of the transaction were not disclosed.
Direct Advisors specializes in serving nonunion construction companies that are subject to the Davis-Bacon Act, Service Contract Act and state prevailing wage regulations.
Thomas Santa Barbara, the firm’s president and co-founder, Jeff Bennet, its co-founder, and the Direct Advisors team will join Hub in New York.
Hub's recent acquisitions include a $2.3 billion RIA, WealthPlan Advisors in Scottsdale, Arizona, in August; CSi Advisory Services, an Indianapolis-based retirement plan consulting firm managing $1.1 billion, in June; and 401(k) Advisors, a Wilmette, Illinois-based retirement plan consultant advising on $1.3 billion in assets, in April.
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