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US in the news: Aon to sell US retirement business

A round-up of people moves and M&A deals across North America




The global professional services firm has agreed to sell its US retirement business to Aquiline and its Aon Retiree Health Exchange business to Alight for total gross consideration of $1.4bn (£990m, €1.15bn).

The agreements are intended to address certain questions raised by the US Department of Justice in relation to the merger of Aon and Willis Towers Watson.

The firms said they “continue to work toward obtaining regulatory approval in all relevant jurisdictions”.

The US retirement business Aquiline will acquire includes approximately 1,000 staff and the agreement includes US core retirement consulting, US pension administration and the US-based portion of Aon’s international retirement consulting business, along with many solutions and tools.

The agreement with Aquiline does not include Aon’s non-US actuarial, non-US pension administration or international retirement businesses based outside of the US

All of the announced regulatory divestitures are contingent on the completion of the pending Aon and Willis Towers Watson merger, as well as other customary closing conditions.

Aon and WTW are working toward completing the proposed combination as soon as possible in the third quarter of 2021.

Hub International

The global insurance broker has hired financial advisor Brandon Chase and acquired his book of business for an undisclosed sum.

Based in Fort Worth, Texas, Chase provides financial and private wealth management and succession planning services.

Chase will join Hub Retirement and Private Wealth in Texas and help expand its private wealth capabilities.

Steward Partners Global Advisory

The employee-owned, independent wealth management firm has received a $100m minority investment by The Pritzker Organization.

The deal will give The Pritzker Organization two seats on Steward’s independent Board of directors.

Wealth Enhancement Group

The independent wealth management firm has acquired Macro Consulting Group (MACRO), an independent hybrid registered investment adviser (RIA) based in Parsippany, New Jersey.

Mark Cortazzo founded Macro in 1992 and he serves as the firm’s senior partner and leads the firm with Nick Spagnoletti, Jr.

Upon the closing of the transaction, the Macro team of 24 individuals, including five financial advisers, will join Wealth Enhancement Group, and will operate under the Wealth Enhancement Group brand as the Macro Team.

The financial terms of the transaction were not disclosed.

People moves

First Republic Bank

The private bank has named Terance Takyi as managing director and wealth manager.

Takyi was a vice president at JP Morgan.

Tiedemann Advisors

The investment firm has named Jed Emerson as a managing director and global lead of impact investing.

Emerson, who has served on Tiedemann’s impact advisory council for the last three years, will now join formally to oversee strategy and implementation of Tiedemann’s impact investing practice.

Raymond James

Financial advisers John Gill and Bryan Horner have joined the firm in Virginia Beach, Virginia.

The advisers, alongside Mari Hurd, business practice coordinator, and Katie Bosler, senior registered client service associate, operate as Gill & Horner Wealth Management Group of Raymond James.

They join from Truist Investment Services.


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