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ESL finalizes acquisition of Alesco Advisors
ESL finalizes acquisition of Alesco Advisors
Listen to this articleESL Federal Credit Union has completed its acquisition of Alesco Advisors, LLC, bringing more than $10.8 billion in assets under advisement and $9.3 billion in assets under management across ESL wealth management entities.
With this acquisition, ESL wealth management entities owned by the credit union will serve the community’s wealth management needs through Alesco, ESL Investment Services, ESL Trust Services and Cooper/Haims Advisors.
“With the acquisition of Alesco Advisors, we are joining two values-driven organizations with a deep commitment to serving our clients and supporting the communities we serve,” said Faheem Masood, ESL Federal Credit Union president and CEO. “Together, ESL and Alesco will continue to strengthen the trusted relationships our clients rely on, while expanding the depth and expertise available to our clients and positioning each of us for long-term growth and stability.”
Operations within Alesco will continue as usual, with all employees retaining their current roles and clients with no changes to their existing relationships.
ESL wealth management companies now include a full suite of services to help meet the financial needs of individuals, families, and businesses at every life stage. The addition of Alesco expands capabilities with additional outsourced chief investment officer solutions.
ESL wealth entities now expand their client roster across the Greater Rochester, Buffalo, Syracuse and Albany markets.
“This is a momentous occasion for Alesco Advisors that culminates our success as a firm for more than 25 years and soundly cements the future of offerings for many years to come,” said James Gould, president of Alesco Advisors, an ESL Company. “We look forward to continuing to support the needs for individuals, businesses and nonprofits with ESL’s backing, matched with the same level of commitment we’ve maintained since our founding. This partnership protects our long-term stability and strengthens our service across the community.”
ESL announced the acquisition in mid-October. Financial details were not disclosed.
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