ROCHESTER, N.Y.–ESL Federal Credit Union has acquired Alesco Advisors, a local wealth manager and investment outsourcing business.
The deal, expected to close in November, expands ESL’s wealth management and investment advisory business to more than $10.8 billion in assets under advisement and credit union.
Terms of the deal were not released.
According to the organizations, Alesco was founded in 2000 by President and CEO Jim Gould, who owns a majority stake in the firm, according to a Form ADV cited by local media.
‘Trusted Guidance’
“This partnership will help ensure Alesco’s long-term success and allows us to continue serving clients with the same personal attention and trusted guidance we have since our founding 26 years ago,” Gould said in a statement. “ESL will provide resources and capabilities that will enhance the value we deliver. Together, we are positioned to create even stronger outcomes for the individuals, families, nonprofits
ESL has been expanding its wealth management services for several years. In 2017, the credit union launched its own trust company, ESL Trust Services, adding estate planning capabilities.
In 2019, the credit union’s subsidiary, ESL Investment Services, acquired Cooper/Haims Advisors, a Victor, N.Y.-based RIA with over $1 billion in assets under management and advisement. That firm added tax planning and financial planning services.
And in 2023, ESL Investment Services expanded its Retirement Plans group to provide a full suite of retirement plan consultant services.
Outsourced CIO Capabilities
The acquisition of Alesco will add outsourced chief investment officer capabilities, ESL FCU said.
Alesco will keep its name and operate as a wholly-owned subsidiary of a newly formed LLC under the credit union. Its employees are expected to retain their current roles.
ESL FCU has approximately 460,000 members.
