United Capital Financial Advisers LLC has taken over both the wealth management and retirement plans practices of PSA Insurance & Financial Services, based in Hunt Valley.
The separate deals transfer nearly $1.3 billion in asset management to the Newport Beach, Calif.-based United Capital. Terms of the deals were not disclosed.
PSA's wealth management team, which had $189 million in assets under management, will join United Capital, remaining in PSA's headquarters, becoming United Capital's anchor office in Baltimore. The office will be managed by Will Kelly, the former managing director of United Capital's Buffalo office.
United Capital manages about $15 billion in assets through a network of 79 offices nationwide.
The retirements plans practice, which advises plans with $1.1 billion in assets, will be managed by The PFE Group, United Capital's retirement plan consulting affiliate. PFE has been working with PSA since August 2014.
"PSA is always seeking ways to improve our services to clients through additional resources, technologies and talent," said Chip Lewis Jr., PSA's managing director, in a statement. "We worked tirelessly to identify a partner that would serve the best interests of our wealth management and retirement plan clients. Sharing our philosophies and principles, United Capital and PFE blend in-depth industry knowledge with time tested process and industry-leading tools and reporting that we believe will take the client experience to the next level."
PSA will continue to serve more than 4,000 commercial enterprises and 6,000 individual clients in its employee benefits, commercial risk management and personal lines divisions.