By Chris Glynn
Alera Group Wealth Services has purchased $1.5 billion registered investment advisor Johnson Brunetti in Wethersfield, Conn., according to a press release.
Alera Group Wealth Services, a private wealth management business of investment and national insurance company Alera Group headquartered in Deerfield, Ill., did not reveal the cost of JB. Jody Robie, senior communication consultant for Alera Group, forwarded Markets Group to its marketing department, which did not respond to a request for comment.
Genstar Capital, a $15 billion middle-market private equity firm, created Alera Group in 2017 with the acquisition of 24 different insurance and retirement businesses. Subsequently launched Alera Group Wealth Services is on path to grow its asset base to $10 billion by the end of 2022.
In addition to acquiring Johnson Brunetti, Alera Group quadrupled its asset base from $1.2 billion to $4.7 billion with the June purchase of Wharton Business Group in Malvern, Pa. A month later Alera Group bought DFG 401 (k) Advisors in Phoenix, Ariz.
Founded in 2005, Johnson Brunetti is servicing mass-affluent clientele, according to its website. JB is known in the U.S. Northeast region as well as the private wealth management partner to the University of Connecticut. Johnson Brunetti in a press statement noted the company will “anticipate leveraging” Alera Group merger and acquisition experience as well as its back-office support.