Mariner, a leading national financial services firm, has entered into a strategic partnership with Neuberger Berman Capital Solutions (NB Capital Solutions), which includes a significant minority growth investment. This move is set to bolster Mariner's position in the wealth management industry and expedite its growth plans. The collaboration combines Mariner's comprehensive wealth advisory solutions with the financial and strategic support of NB Capital Solutions, aiming to expand Mariner's national advisor base to 5,000 advisors through both organic growth and strategic acquisitions.
Currently managing and advising on over $245 billion in combined assets, Mariner offers a broad spectrum of services, including financial planning, investment management, and retirement planning. The firm is renowned for its client-first approach and holistic financial services model. Marty Bicknell, CEO and President of Mariner, highlighted the firm's dedication to becoming the 'fiduciary service provider of the future,' with the new investment expected to enhance client service capabilities and business operations.
The investment arrives as Mariner experiences robust organic growth, successful advisor recruitment, and effective branding. This capital infusion is poised to support Mariner's inorganic growth strategy while upholding its high client service standards. David Lyon, Head of NB Capital Solutions, praised Mariner's unique business model and its commitment to personalized, holistic financial advice, reflecting confidence in Mariner's leadership and growth potential.
Post-investment, Bicknell will maintain majority control of Mariner's board, with NB gaining board representation. Leonard Green & Partners (LGP), an existing investor since 2021, will continue its board involvement and investment. This partnership is anticipated to influence the wealth management industry significantly, potentially driving innovation and elevating service standards, thereby offering clients access to more comprehensive financial services.
This development underscores the increasing interest of private equity and institutional investors in the wealth management sector, suggesting a trend towards industry consolidation and professionalization. Mariner's ability to scale while preserving its client-centric ethos will be pivotal. The partnership may serve as a blueprint for other firms aiming to expand their services and market presence.
The financial details of the investment remain undisclosed. Ardea Partners LP served as Mariner's exclusive financial advisor, with Ropes & Gray LLP as legal advisor. Latham & Watkins LLP and Cravath, Swaine & Moore LLP provided legal counsel to LGP and NB, respectively. This investment marks a notable advancement in the wealth management industry, promising enhanced financial services delivery to clients nationwide.
