ESL Federal Credit Union is making a big move into the investment world with plans to acquire Alesco Advisors, a Rochester-based firm managing more than $6 billion in assets.
The deal, announced Tuesday, is expected to close in November.
This acquisition expands ESL’s footprint in wealth management, particularly in outsourced chief investment officer (OCIO) services. Alesco serves clients in Rochester, Buffalo, Syracuse, and Albany, including individuals, families, nonprofits, and retirement plans.
“This joins two organizations with strong value and mission alignment,” said Faheem Masood, president and CEO of ESL. “We look forward to welcoming the Alesco team.”
ESL said Alesco will remain a separate brand and continue operating from its current Pittsford office. All employees are expected to stay in their current roles with no changes for clients.
This is just the latest move in ESL’s long-term growth in financial services. The credit union:
- Launched ESL Trust Services for estate planning
- Acquired Cooper/Haims Advisors to add tax and financial planning
- Created a Retirement Plans Group to support businesses and nonprofits
After the Alesco acquisition, ESL’s wealth entities will manage more than $9.3 billion in assets and advise on more than $10.8 billion—making it one of the largest registered investment advisers in upstate New York.
“We are thrilled to be joining the ESL team,” said Alesco CEO Jim Gould. “This partnership will help ensure our long-term success and enhance the value we deliver.”
Both organizations stress community support as a shared priority. ESL has reinvested over $153 million in local grants since 2018, and both firms support philanthropy and employee volunteer programs.
Alesco will become a wholly owned subsidiary of a newly formed LLC under ESL once the deal closes.
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].