HUB International acquires Baystate Fiduciary Advisors in Boston

HUB International, a global insurance brokerage, has acquired the assets of Baystate Fiduciary Advisors based in Boston, Massachusetts for an undisclosed price.

Baystate Fiduciary Advisors provides investment fiduciary advisory services to 401k and 403b plan sponsors with a general business approach and also a strong concentration in the non-profit sector.

As of September 2020, the company manages $2.9 billion in assets and services.

Baystate Fiduciary Advisors Managing Partner Gregg Andonian will join Hub Retirement and Private Wealth (Hub RPW) in New England.

According to HUB International, the acquisition of Baystate Fiduciary Advisors continues to consolidate its retirement and wealth management services by adding talent and resources for developing more comprehensive strategies for clients.

Hub RPW is said to work to help plan sponsors create an offering that is in line with their business strategy, besides navigating fiduciary risk and helping employees to go after their financial goals.

The retirement and private wealth unit of Hub is said to manage over $93 billion in assets.