Acquisition adds $3.5 billion in assets; Pennsylvania office
Alera Group Wealth Services, a division of Alera Group, a top independent, national insurance and wealth services firm, today announced the acquisition of Wharton Business Group (WBG), an employee-owned wealth services firm in Pennsylvania that manages more than $3.5 billion in assets for business owners and institutions. This acquisition significantly increases AUM for Alera Group Wealth Services.
“Wharton Business Group has more than 30 years of experience serving clients and is an exciting addition to our national wealth services platform,” said Alan Levitz, CEO of Alera Group. “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.”
Founded in 1992, WBG specializes in custom investment advisory services and business continuity services, including leadership succession and estate planning, which are typically performed in conjunction with other key advisors of business owner clients. WBG’s investment services include portfolio evaluation, investment policy development, manager selection, security selection, continuous active management, portfolio rebalancing and investment fee analysis.
“For more than three decades, we’ve provided clients with unbiased investment management and business succession advice,” said B.J. Webster, managing director and founding partner of Wharton Business Group. “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.”
The acquisition is part of a long-term strategic initiative to grow the assets and geographic reach of Alera Group Wealth Services both organically and through acquisition. “WBG represents the kind of firm we want to partner with,” said Tina Hohman, executive vice president and wealth services practice leader. “Its experienced team has specialized expertise that complement our offerings and they can leverage our strengths to continue to grow both regionally and across the Alera Group platform.”
DeVoe & Company served as the sole financial advisor and Alston & Bird served as the sole legal counsel to Wharton Business Group throughout the transaction. Terms of the transaction were not disclosed.
About Alera Group Wealth Services
Alera Group Wealth Services, a division of Alera Group, is dedicated to enhancing the financial security of clients through a holistic suite of services to address the financial planning, investment and wealth management needs of individuals and families. For more information, visit wealthservices.aleragroup.com
About Alera Group
Alera Group is an independent, national insurance and wealth services firm with more than $980 million in annual revenue, offering comprehensive employee benefits, property and casualty insurance, retirement plan services and wealth services solutions to clients nationwide. By working collaboratively across specialties and geographies, Alera Group’s team of more than 3,500 professionals in more than 130 offices provides creative, competitive services that help ensure a client’s business and personal success. For more information, visit www.aleragroup.com or follow us on LinkedIn.