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 on over $245 billion in assets across its affiliates.
Leonard Green & Partners, a Los Angeles-based private equity firm that made a minority investment in Mariner in 2021, will retain its stake. The firm will continue to be led by CEO and President Marty Bicknell, the firm’s majority shareholder.
“Mariner is fully committed to building the fiduciary service provider of the future,” said Bicknell in a statement. “With this investment and continued partnership, we are confident in our ability to reach new heights in both client service and business expansion as we continue to build a truly holistic financial services firm rooted in the vision of positively impacting the lives of many.”
The investment will help Mariner continue toward its goal of building a 5,000-advisor base. The firm plans to do so through organic growth, including strategic alliances and referral partnerships, and inorganic growth via acquisitions.
Neuberger Berman will join Mariner’s board of directors alongside Leonard Green.
“Each of Mariner’s institutional capital partners further enhances its ability to execute against its aggressive growth goals, 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 client service standards.”
The terms of the deal were not disclosed. Mariner used Ardea Partners to advise on the deal and Ropes & Gray as legal advisor. Neuberger Berman used Cravath, Swaine & Moore LLP as legal advisor, 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.
