ESL Federal Credit Union Completes Acquisition of Alesco Advisors
Now finalized, the acquisition of Alesco Advisors further enhances ESL wealth management offerings. ESL wealth management companies now surpass $10.8 billion in assets under advisement.
Rochester, NY — ESL Federal Credit Union announces that it has completed its acquisition of Alesco Advisors, LLC (Alesco), 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, President & CEO, ESL Federal Credit Union. “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 with clients seeing no changes to their existing relationships.
ESL wealth management companies now include a full suite of services to help meet the unique financial needs of individuals, families, and businesses at every life stage. Offerings include expertise in retirement and investment management, insurance and financial planning, tax planning, trust administration, succession and education planning, and generational wealth transfer. The addition of Alesco expands capabilities with outsourced chief investment officer (OCIO) 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 our 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 of 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.”
The Asset & Wealth Management Investment Banking team of Raymond James & Associates served as exclusive financial advisor to Alesco Advisors. Harter Secrest & Emery LLP acted as legal counsel to ESL Federal Credit Union and Woods Oviatt Gilman LLP acted as legal counsel to Alesco Advisors.
