ESL Federal Credit Union has officially acquired Alesco Advisors, expanding its wealth management portfolio to more than $10.8 billion in assets under advisement.
The deal brings together two Rochester-based financial firms with a shared focus on community service and long-term financial planning. With Alesco now part of the ESL family, the credit union’s wealth management group also manages $9.3 billion in assets across four affiliated entities: Alesco, ESL Investment Services, ESL Trust Services, and Cooper/Haims Advisors.
“This partnership protects our long-term stability and strengthens our service across the community,” said James Gould, president of Alesco Advisors. “It culminates more than 25 years of success and sets us up for the future.”
ESL president and CEO Faheem Masood called the move a union of “two values-driven organizations” committed to client relationships and regional growth.
According to the announcement, Alesco will continue operating as usual, with all staff remaining in their current roles and no changes for existing clients.
Expanded services and reach
The acquisition allows ESL to broaden its financial services, including expanded outsourced chief investment officer (OCIO) solutions. Clients now have access to offerings like retirement and investment planning, insurance, tax strategy, trust administration, and generational wealth transfer.
The combined group will now serve clients across the Greater Rochester, Buffalo, Syracuse, and Albany markets.
The transaction was guided by Raymond James & Associates as exclusive financial advisor to Alesco. Legal counsel was provided by Harter Secrest & Emery LLP for ESL and Woods Oviatt Gilman LLP for Alesco.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].
