Mariner, a Mariner, Kan.-based wealth management firm with more than $253 billion in assets under advisement, has acquired two practices with a total of $878 million in assets. Mariner has added Sarasota, Fla.-based Atlas Financial, with about $278 million in AUM, and Newport Beach, Calif.-based Newport Advisory, with about $600 million in AUM, creating Mariner's second offices in the two countries and taking it to 126 offices nationwide.
The acquisitions also bring Mariner another step closer to its goal of reaching 5,000 advisors by 2027.
Atlas Financial was founded by Orion Marks and was originally affiliated with Lincoln Financial Advisors. Lincoln's estate business was won by Osaic at the beginning of this year. The firm provides retirement, wealth, education and business continuity planning for business owners and retirees. Her location is Mariner's eighth office in Florida.
“Joining forces with Mariner unlocks a wealth of resources, expertise and services that will enhance our ability to support our customers and their businesses every step of the way,” Marx said in a statement.
Dalphia Partners advised Atlas on the transaction.
Newport Advisory was founded in 1995 by Jim Regitz, who has been associated with Cambridge since 1999. The 12-person team has joined Mariner and represents the firm's 19th location in California.
“Joining Mariner marks a transformative new chapter for Newport Advisory,” Regitz said in a statement. “This partnership not only strengthens our ability to serve our clients, but also opens the door to unparalleled resources and expertise that will enhance the level of care and solutions we provide.”
Mariner, which was co-founded in 2006 by CEO and President Marty Bicknell, recently sold a minority stake in the firm to Neuberger Berman Capital Solutions and funds managed by Neuberger Berman Private Markets. According to Moody's Investors Service, the RIA raised $150 million in capital through the deal.