Hub Acquires Assets of Employee Benefits Consultant

Chicago-based Hub International, an insurance brokerage and financial services company, acquired the assets of Direct Advisors, a Latham, NY-based benefits plan consulting firm and a third-party administrator.

Terms of the transaction were not disclosed.

Direct advisors specializes in serving nonunion construction companies that are subject to the Davis-Bacon Act, the Service Contract Act, and state wage regulations.

Thomas Santa Barbara, president and co-founder of the company, Jeff Bennet, his co-founder, and the Direct Advisors team will join Hub in New York.

Hub’s recent acquisitions include a $2.3 billion RIA, WealthPlan Advisors in Scottsdale, Arizona, in August; CSi Advisory Services, an Indianapolis-based pension advisory firm that manages $1.1 billion, in June; and 401(k) Advisors, a Wilmette, Ill.-based retirement plan consultant advising on $1.3 billion in assets, in April.

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