Mariner, a leading national financial services firm, has announced a strategic partnership with Neuberger Berman Capital Solutions (NB Capital Solutions) that includes a significant minority growth investment from NB Capital Solutions and funds managed by Neuberger Berman Private Markets (NB). This investment marks a pivotal moment for Mariner as it seeks to strengthen its position in the wealth management industry and accelerate its growth trajectory.
The partnership brings together Mariner’s expertise in providing comprehensive wealth advisory solutions with the financial backing and strategic support of NB Capital Solutions. This collaboration is expected to fuel Mariner’s ambitious expansion plans, which include scaling its national advisor base to 5,000 advisors through both organic growth and strategic acquisitions.
Mariner, which currently manages and advises on over $245 billion in combined assets, offers a wide range of services including financial planning, investment management, retirement planning, estate and tax planning, and insurance products. The firm has established itself as a leader in the industry, known for its client-first approach and holistic financial services model.
Marty Bicknell, CEO and President of Mariner, emphasized the company’s commitment to building the ‘fiduciary service provider of the future.’ He expressed confidence that the new investment and partnership will enable Mariner to enhance its client service capabilities and expand its business operations.
The investment from NB Capital Solutions comes at a time when Mariner has been experiencing strong organic growth, successful advisor recruitment and retention, and effective branding efforts. This capital infusion is expected to provide Mariner with the resources needed to accelerate its inorganic growth strategy while maintaining its high standards of client service.
David Lyon, Head of NB Capital Solutions, highlighted Mariner’s differentiated business model and its reputation for providing personalized, holistic financial advice. The investment underscores NB Capital Solutions’ confidence in Mariner’s leadership and potential for continued growth in the wealth management sector.
Following the investment, Bicknell will retain majority control of Mariner’s board of directors, while NB will receive board representation. Leonard Green & Partners (LGP), which made a minority investment in Mariner in 2021, will continue to serve on the board and retain its investment in the company.
The strategic partnership is expected to have significant implications for the wealth management industry. As Mariner expands its reach and capabilities, it may drive innovation and raise service standards across the sector. For clients, this could mean access to more comprehensive and sophisticated financial services, potentially leading to improved financial outcomes.
The investment also reflects the growing trend of private equity firms and institutional investors recognizing the value and growth potential in the wealth management space. This influx of capital could lead to further consolidation and professionalization of the industry, potentially benefiting consumers through enhanced services and technology-driven solutions.
As Mariner pursues its growth strategy, the firm’s ability to maintain its client-centric approach while scaling operations will be crucial. The success of this partnership could serve as a model for other wealth management firms seeking to expand their services and market presence.
The financial terms of the investment were not disclosed. Ardea Partners LP acted as the exclusive financial advisor to Mariner, with Ropes & Gray LLP serving as legal advisor. Latham & Watkins LLP and Cravath, Swaine & Moore LLP provided legal counsel to LGP and NB, respectively.
This strategic investment in Mariner by Neuberger Berman Capital Solutions represents a significant development in the wealth management industry, potentially setting the stage for accelerated growth and innovation in financial services delivery to clients across the United States.
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