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 from NB Capital Solutions and funds managed by Neuberger Berman Private Markets (NB). This collaboration is set to bolster Mariner's standing in the wealth management industry and expedite its growth plans. With over $245 billion in combined assets under management and advisement, Mariner offers a comprehensive suite of financial services, including financial planning, investment management, and retirement planning, among others.
The partnership leverages Mariner's wealth advisory expertise 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. Marty Bicknell, CEO and President of Mariner, highlighted the firm's dedication to becoming the fiduciary service provider of the future, expressing optimism that the investment will enhance client service capabilities and business expansion.
David Lyon, Head of NB Capital Solutions, praised Mariner's unique business model and its commitment to personalized, holistic financial advice. The investment reflects confidence in Mariner's leadership and its potential for sustained growth in the wealth management sector. Post-investment, Bicknell will maintain majority control of Mariner's board, with NB gaining board representation, while Leonard Green & Partners (LGP) continues its involvement and retains its investment.
This strategic move is anticipated to influence the wealth management industry significantly, potentially driving innovation and elevating service standards. Clients may benefit from more comprehensive and advanced financial services, leading to better financial outcomes. The investment also underscores the increasing interest of private equity firms and institutional investors in the wealth management sector, which could spur further industry consolidation and professionalization.
Mariner's ability to scale its operations while preserving its client-focused approach will be pivotal as it advances its growth strategy. The partnership's success could offer a blueprint for other firms aiming to broaden their services and market reach. The financial details of the investment remain undisclosed, with Ardea Partners LP serving as Mariner's exclusive financial advisor and Ropes & Gray LLP as legal advisor, while Latham & Watkins LLP and Cravath, Swaine & Moore LLP provided legal counsel to LGP and NB, respectively.
