Alera Group Wealth Services has acquired Wharton Business Group (WBG), a Pennsylvania-based employee-owned wealth services firm, for an undisclosed price.
Wharton Business Group is said to manage over $3.5bn in assets for business owners and institutions.
Its acquisition considerably expands the assets under management for Alera Group Wealth Services, which is a division of Alera Group.
Alera Group Wealth Services said that the deal is part of a long-term strategic initiative to expand the assets and its geographic presence organically as well as through acquisition.
Alera Group CEO Alan Levitz said: “Wharton Business Group has more than 30 years of experience serving clients and is an exciting addition to our national wealth services platform.
“The team shares our fierce commitment to collaboration, and we look forward to leveraging its expertise to bolster our existing wealth management services and national presence.”
Established in 1992, Wharton Business Group has specialisation in custom investment advisory services as well as business continuity services.
Its services include leadership succession and estate planning, which are performed typically in conjunction with other major advisors of business owner clients.
The company’s investment services are portfolio evaluation, manager selection, investment policy development, continuous active management, security selection, investment fee analysis, and portfolio rebalancing.
Wharton Business Group managing director and founding partner B.J. Webster said: “For more than three decades, we’ve provided clients with unbiased investment management and business succession advice.
“Now as part of Alera Group, we’ll continue providing these services, but can also offer to connect clients with a network of experts and advisors in other planning areas whose interests are aligned with theirs.”
Alera Group is a US-based insurance and wealth services firm with annual revenue of over $980m. The company offers employee benefits, retirement plan services, property and casualty insurance, and wealth services solutions to clients across the US.