ESL Federal Credit Union to Acquire Alesco Advisors
The acquisition of Alesco will expand and enhance ESL’s wealth management and investment advisory service offerings.
Rochester, NY — ESL Federal Credit Union has entered into an agreement to acquire all of the assets of Alesco Advisors, LLC (Alesco), a Rochester, NY based Registered Investment Advisory firm (RIA) that serves institutions, individuals/families, and retirement plans. Alesco has more than six billion dollars in assets under advisement. The addition of Alesco expands ESL’s financial services offerings and adds a robust portfolio of outsourced chief investment officer (OCIO) capabilities serving the Greater Rochester, Buffalo, Syracuse, and Albany markets. The transaction is scheduled to close this November.
“We are pleased to announce this acquisition of Alesco Advisors, as it joins two organizations with strong value and mission alignment, further elevating our wealth management services,” said Faheem Masood, President & CEO, ESL Federal Credit Union. “Like ESL, Alesco is well known for providing superior client experiences and is committed to investing in the communities in which they serve. We look forward to welcoming the Alesco team to further complement our growing wealth management business, and institutional service segment of our business.”
This acquisition marks another milestone of growth for ESL’s wealth management and investment advisory capabilities. Other significant additions in recent years include:
- ESL Federal Credit Union adds estate planning services with the creation of ESL Trust Services.
- ESL Federal Credit Union subsidiary, ESL Investment Services, LLC, acquires Cooper/Haims Advisors adding support for tax planning and comprehensive financial planning to address complex financial needs.
- ESL Investment Services launches its Retirement Plans Group to offer business owners, corporations, and non-profit organizations with a full suite of retirement plan consultant services.
“We are thrilled to be joining the ESL team. 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. ESL will provide resources and capabilities that will enhance the value we deliver,” said Jim Gould, President & CEO of Alesco Advisors. “Together, we are positioned to create even stronger outcomes for the individuals, families, nonprofits, and businesses we serve.”
Beyond providing superior experiences to those they serve, ESL and Alesco share a strong commitment to ensuring the prosperity of the surrounding community. Both organizations actively support the community through philanthropic dollars, sponsorship of community events, and active volunteer employee programs.
Operations within Alesco will continue as usual following closing, with all employees expected to retain their current roles and clients with no changes to their existing relationships.
Alesco will be a wholly owned subsidiary of a newly formed LLC under the credit union once the deal is officially closed, which is expected later this fall. The company will continue to operate under the name, Alesco Advisors, out of its offices at 120 Office Park Way in Pittsford, NY.
After the acquisition is completed, the ESL wealth management entities will have more than $10.8 billion in assets under advisement, $9.3 billion in assets under management, and become one of the largest Registered Investment Advisers (RIA) in upstate New York.
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 and Woods Oviatt Gilman LLP acted as legal counsel to Alesco Advisors.
