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US in the news: Aon to sell the US pension business






The global professional services firm has agreed to sell its U.S. pension business to Aquiline and its Health Exchange business Aon Retiree to Alight for a total gross valuation of $ 1.4 billion ($ 990 million, $ 1.15 billion).

The agreements are intended to address some of the questions raised by the U.S. Department of Justice regarding the merger of Aon and Willis Towers Watson.

The firms said they continue to work towards obtaining regulatory approval in all relevant jurisdictions.

The U.S. pension business that Aquiline will acquire includes approximately 1,000 staff, and the agreement includes basic U.S. pension consulting, U.S. pension administration, and the U.S.-based portion of Aon’s international pension counseling business. along with many solutions and tools.

The agreement with Aquiline does not include non-US actuarial, non-US pension administration or US-based international pension businesses

All foreseen regulatory investments depend on the completion of the expected merger of Aon and Willis Towers Watson, as well as other common closing conditions.

Aon and WTW are working towards 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 bought his business book for an undisclosed amount.

Headquartered in Fort Worth, Texas, Chase offers financial and private asset management and inheritance planning services.

Chase will join the Hub Retirement and Private Property in Texas and help expand his private property capabilities.

Steward Partner Global Advisor

The employee-owned independent asset management firm has received a $ 100 million retail investment from the Pritzker Organization.

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

Wealth Growth Group

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

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

Upon closing the transaction, the 24-person Macro team, including five financial advisors, will join the Wealth Improvement Group and operate under the Wealth Improvement Group brand as the Macro Team.

The financial terms of the transaction were not disclosed.

People move

First Bank of the Republic

The private bank has appointed Terance Takyi as managing director and asset manager.

Takyi was a vice president at JP Morgan.

Tiedemann Advisers

The investment firm has appointed Jed Emerson as managing director and global investment impact leader.

Emerson, who has served on the Tiedemanns Impact Advisory Board for the past three years, will now formally join to oversee the Tiedemanns Impact investment strategy and practice.

Raymond James

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

The advisors, along with Marie Hurd, business practice coordinator, and Katie Bosler, a senior registered customer service associate, act as Raymond James Gill & Horner Wealth Management Group.

They are joined by Truist Investment Services.

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