Neuberger Berman Capital Options and funds managed by Neuberger Berman Non-public Markets have acquired a minority stake in Mariner, a wealth administration agency that advises on over $245 billion in property throughout its associates.
Leonard Inexperienced & Companions, a Los Angeles-based personal fairness agency that made a minority funding in Mariner in 2021, will retain its stake. The agency will proceed to be led by CEO and President Marty Bicknell, the agency’s majority shareholder.
“Mariner is totally dedicated to constructing the fiduciary service supplier of the long run,” mentioned Bicknell in a press release. “With this funding and continued partnership, we’re assured in our potential to achieve new heights in each shopper service and enterprise growth as we proceed to construct a really holistic monetary companies agency rooted within the imaginative and prescient of positively impacting the lives of many.”
The funding will assist Mariner proceed towards its objective of constructing a 5,000-advisor base. The agency plans to take action by means of natural development, together with strategic alliances and referral partnerships, and inorganic development by way of acquisitions.
Neuberger Berman will be part of Mariner’s board of administrators alongside Leonard Inexperienced.
“Every of Mariner’s institutional capital companions additional enhances its potential to execute in opposition to its aggressive development targets, serving as a sounding board for brand new initiatives and including worth by means of strategic steering,” Mariner mentioned in a press release. “These relationships will permit Mariner to concentrate on driving ahead its daring imaginative and prescient with out compromising operational management or shopper service requirements.”
The phrases of the deal weren’t disclosed. Mariner used Ardea Companions to advise on the deal and Ropes & Grey as authorized advisor. Neuberger Berman used Cravath, Swaine & Moore LLP as authorized advisor, whereas LGP used Latham & Watkins.
Mariner was based in 2006 in Overland Park, Kan., with $300 million in property. It has since grown into one of many largest impartial RIAs within the nation.
