Alera Group Acquires $24B Advanced Capital Group

The Alera Group Inc., located in Deerfield, Illinois, announced the acquisition of Minnesota-based Advanced Capital Group Inc., an institutional investment consultant specializing in employer-sponsored retirement plans.

The acquisition is the largest yet for Alera Group’s retirement plan services division and brings $24 billion in retirement plan and wealth assets, increasing the division’s total assets to $45 billion.

ACG provides consulting services for employer-sponsored retirement plans, endowments and foundations, as well as Native American tribal trusts. The firm also manages fixed-income portfolios for defined benefits plans and other institutional clients.

The move aligns with Alera Group’s ongoing strategy to expand its retirement plan services offerings. Over the past two years, the firm has been implementing a growth plan designed to serve retirement plans of all sizes, bolstering both its mid-market and large-market capabilities. The addition of ACG adds to Alera Group’s ability to offer more asset management solutions, particularly on the defined benefit side, according to the announcement.

Under the leadership of Christian Mango, executive vice president and national practice leader of retirement plan services, Alera has made six acquisitions in the last two years. These include Arista Consulting, Ascent Group (Summit Group of Virginia), Brio and Fraser Group.

Advanced Capital Group is led by Charles Langowski, principal and CEO; Patrick Larson, principal and director of institutional investment management; Dan Schroeder, principal and director of retirement plan consulting; and Justin Dorsey, a partner.

“Charles and the ACG team have built an incredible practice by delivering genuine expertise to both defined-contribution and defined-benefit clients,” Mango said in a statement. “Their addition brings new capabilities to our platform, enhances our investment depth and expertise, expands our geographic reach and adds a new distribution channel.”

Wise Rhino Group, an M&A advisory practice, advised ACG in the deal.

“The partners at Advanced Capital Group lead one of the most dynamic retirement and wealth advisory firms in the Midwest,” Peter Campagna, Wise Rhino’s managing partner, said in a statement.

Established in 1998, ACG created one of the industry’s first custom qualified default investment alternative options, as well as a liability-driven-investment platform, according to Campagna.

“The Alera Group has thoughtfully been building their financial services operations the last four years, and ACG is a perfect complement to their current capabilities,” he continued. “This exciting new partnership will help both firms continue to grow and thrive in the future.”   

Alera Group also works in property and casualty insurance and employee benefits, with about 4,400 employees nationally.