Illinois-based insurance broker Hub International has acquired the assets of local institutional retirement consulting and private wealth firm Sheridan Road Financial and some of its affiliates for an undisclosed sum.

The acquired entity focuses on retirement planning, fiduciary services, investment and wealth management, as well as specialised executive benefit services.

The firm has eight branches across the US and oversees over $14bn in assets.

Sheridan Road founder and CEO Daniel Bryant said: “Hub is a great cultural fit for us. We share the same dedication to helping Americans retire with their dreams and dignity in place and are both passionate about empowering individuals and families to develop a financial roadmap and help them choose their day to retire.”

As part of the deal, Bryant and Sheridan Road managing partner Jim O’Shaughnessy will migrate to Hub Midwest.

Bryant will serve as president of national sales for retirement and private wealth, while O’Shaughnessy will become president of retirement and private wealth for the Central Region.

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The pair will report to Hub national president of retirement services David Reich and Central Region president Neil Hughes.

Sheridan Road advisers will now join Hub International Investment Services and will retain their broker dealer affiliation with LPL.

“I’m excited to partner with the whole Sheridan Road team, as they have deep experience advising clients on specialised retirement plan, private wealth and investment needs. Their capabilities add depth and breadth to our growing platform of holistic retirement services,” Reich noted.