Hub International Limited, known in the retirement plan industry as “Hub,” announced it has acquired the assets of StoneStreet Pearl River LLC (StoneStreet), which is part of Global Retirement Partners (GRP).
Financial terms of the transaction were not disclosed, matching the first GRP-focused deal Hub announced this week, the acquisition of Washington Financial. Sources expect this second deal will also not be the last GRP acquisition to be announced by Hub. Should the series of acquisitions occur as expected, sources say, this would represent yet another major milestone in the ongoing consolidation and reshaping of the registered investment adviser (RIA) industry.
Based in Pearl River, New York, StoneStreet is led by Barbara Delaney, a winner of multiple PLANADVISER awards and recognition from other adviser-industry publications. Her firm provides independent retirement plan consulting services to defined benefit, defined contribution and non-qualified plans.
With this deal, Hub continues to expand its retirement planning services talent.
“We’re excited for Barbara and the team to join Hub,” said David Reich, national President, Hub retirement and private wealth. “Barbara is simply one of the best advisors in our space, and she and her team will help us continue our momentum in developing our retirement practice, and our partnership with the other parts of the Hub organization.”
“We felt that Hub was the right choice to help us continue to grow,” Delaney said. “We chose Hub because they are focused on where plan sponsors are going from a total employee benefits approach. The convergence of health and wealth is here, and Hub is in the best position to fulfill this vision for our plan sponsors.”
Technically, Delaney will join Hub Northeast and will work with Reich and collaborate heavily with Paul Collins, president and CEO of Hub Northeast, to continue to provide the best-in-class service for her clients and their participants.