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Laxman Pai, Opalesque Asia:

Illinois-based financial services conglomerate Alera Group has acquired financial advisory firm The Ascent Group and its affiliated companies. Term of the deal was not disclosed.

According to a press release from the insurance, wealth, and retirement plan services firm, the acquisition adds significant assets under management to two Alera Group divisions: approximately $1.5 billion within Alera Group Wealth Services' registered investment advisor (RIA) business and $1.3 billion within Alera Group Retirement Plan Services.

The transaction will bolster Alera's assets under management by $2.8 billion. Alera's wealth services registered investment adviser business will receive a $1.5 billion boost in assets, bringing the total assets of the business to $7.5 billion.

The Ascent Group's affiliated companies include Virginia-based Summit Group, led by Jeff Silverman, and Pennsylvania-based Walsh & Nicholson Financial Group, led by Brian Walsh. Overall, The Ascent Group employs 42 associates including 15 financial advisors. The firm was created in 2021 by Silverman and Walsh together with Michael Moss, its CEO, who oversees the development and marketing of the firm's proprietary investment infrastructure.

"Jeff, Brian, and Mike came together last year because they saw a way to pursue better client outcomes through an innovative investment infrastructure and a client-driven service model," said Tina Hohman, executive vice president ......................

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