Rochester New York.
The Rochester, N.Y.-based ESL Federal Credit Union announced Friday that it has completed its acquisition of Alesco Advisors, an investment management firm also based in Rochester, solidifying ESL’s position as one of the region’s largest wealth management providers. With the transaction finalized, ESL’s wealth management companies now oversee more than $10.8 billion in assets under advisement and $9.3 billion in assets under management.
The deal brings Alesco’s 25-year track record, staff and investment expertise fully under the ESL umbrella while maintaining business continuity for existing clients. All Alesco employees will remain in their current roles, and client relationships will continue without changes.
“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 of ESL Federal Credit Union. “Together, we will continue to strengthen trusted relationships while expanding the depth and expertise available to our clients.”
The integration expands ESL’s wealth management capabilities through four entities: Alesco Advisors, ESL Investment Services, ESL Trust Services and Cooper/Haims Advisors. Combined, the firms now offer a broad suite of financial services including investment and retirement planning, insurance, tax strategy, trust administration, business succession planning and generational wealth transfer. Alesco also adds expanded outsourced chief investment officer (OCIO) solutions to ESL’s offerings.
James Gould, president of Alesco Advisors, called the acquisition “a momentous occasion” for the firm. “This partnership protects our long-term stability and strengthens our service across the community,” he said.
The expanded ESL wealth platform now serves clients across Rochester, Buffalo, Syracuse and Albany, marking a significant step in the credit union’s long-term growth strategy.
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