Neuberger Berman Capital Solutions and funds managed by Neuberger Berman Private Markets have acquired a minority stake in Mariner, a wealth management firm that advises over $245 billion in assets across its subsidiaries.
Leonard Green & Partners, a Los Angeles-based private equity firm that made a minority investment in Mariner in 2021will retain its shares. The firm will continue to be led by CEO and President Marty Bicknell, the firm's principal shareholder.
“Mariner is fully committed to building the loyal service provider of the future,” Bicknell said in a statement. “With this investment and continued partnership, we are confident in our ability to reach new heights in both customer service and business expansion as we continue to build a true holistic financial services firm rooted in vision to positively impact the lives of many.”
The investment will help Mariner continue toward its goal of building a base of 5,000 advisors. The firm plans to do this through organic growth, including strategic alliances and referral partnerships, and inorganic growth through acquisitions.
Neuberger Berman will join Mariner's board of directors along with Leonard Green.
“Each of Mariner's institutional equity partners further enhances its ability to execute on its aggressive growth objectives, serving as a sounding board for new initiatives and adding value through strategic guidance,” Mariner said in a statement. “These relationships will allow Mariner to focus on driving forward its bold vision without compromising operational control or customer service standards.”
Terms of the deal were not disclosed. Mariner used Ardea Partners to advise on the deal and Ropes & Gray as legal counsel. Neuberger Berman used Cravath, Swaine & Moore LLP as legal counsel, while LGP used Latham & Watkins.
Mariner was founded in 2006 in Overland Park, Kan., with $300 million in assets. It has since grown into one of the largest independent RIAs in the country.