US-based full-service insurance broker Hub International has bought the assets of Fiducia Group for an undisclosed sum.

Pittsburgh, Pennsylvania-based Fiducia Group offers 401(k) & retirement plan consulting services to the corporate, Taft-Hartley, public and non-profit sectors.

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Fiducia Group, which has over $2.3bn of assets under management, helps employers with workplace retirement plans with fiduciary support and investment advisory services to improve outcomes.

As per the agreement, Fiducia Group’s team, managing principal Charley Kennedy and chief compliance offer and principal James Bartoszewicz will join Hub’s retirement and private wealth (RPW) operations.

Hub PRW president Joe DeNoyior said: “We are thrilled to welcome the Fiducia Group team to Hub. They bring extensive experience to our national practice and as thought leaders in the industry, they are advocates for a strong private retirement system to help American workers.”

Hub PRW offers institutional and retirement services to for-profit and not-for-profit institutions and tailored private wealth management services to individuals and families.

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Its clients have approximately $105bn in assets, Hub noted.

In October this year, the insurance broker launched its North American Complex Risk Practice.

The unit aims to help clients better assess, understand and quantify their exposure to risk and develop strategies accordingly.

It will advise the US and Canadian clients on data/analytics, captives, parametric solutions, reinsurance, financial lines, and excess casualty programs among others.

Earlier, Hub bought assets of Eaton-Provident Group to expand its footprint and strengthen speciality capabilities.