Advisory M&A News – 1/13/24

Mariner Acquires Cardinal Investment Advisors

Mariner Wealth Advisors LLC announced the acquisition of Cardinal Investment Advisors in a deal that adds $292 billion in assets under advisement and about 40 employees to the Mariner Institutional practice. The acquisition will bring Mariner’s total assets under advisement to approximately $550 billion.

Cardinal Investment Advisors, with offices in Chicago and St. Louis, has delivered investment consulting services since 2001 and will become the insurance advisory practice within Mariner Institutional.

Cardinal’s nationwide client base is focused on insurance companies, as well as corporate retirement plans, health care systems, foundations and endowments.

“This acquisition kickstarts a year that will be filled with growth, innovation, and a relentless pursuit of providing the best client-focused financial services,” Marty Bicknell, Mariner’s CEO and president, said in a statement.

Northwestern Mutual and Sixth Street Announce Partnership

Northwestern Mutual Life Insurance Co. and global investment firm Sixth Street Partners announced a partnership to support Northwestern Mutual’s investment strategy for its institutional investment portfolios, which total more than $320 billion AUM.

Under the partnership, Sixth Street will manage $13 billion of assets for Northwestern Mutual, with the potential to scale. Investments will span Sixth Street’s multi-strategy private capital approach. This includes asset-based finance, as well as investments in real estate, infrastructure debt and equity.

As part of the agreement, Northwestern Mutual will acquire a minority equity interest in Sixth Street.

“This new partnership with Sixth Street significantly expands Northwestern Mutual’s investment capabilities by providing increased access to attractive private investments—all of which complement our internal team,” Jeb Bentley, Northwestern Mutual’s chief investment officer, said in a statement.

Mercer Advisors Adds Edward Vance Investment Management

Mercer Global Advisors Inc., a national registered investment adviser, announced the acquisition of Edward Vance Investment Management, an investment advisory and financial planning firm.

This acquisition strengthens Mercer Advisors’ presence in Georgia, where Mercer Advisors has grown client assets to more than $4.5 billion from approximately $550 million in 2017.

Led by owner Edward Vance, the Georgia-based firm specializes in comprehensive financial planning. The firm offers services such as retirement planning and tax and estate strategies. By joining Mercer Advisors, Vance gains access to expanded resources and the support of a broader team of specialists.

“Leveraging Mercer Advisors’ vast team of specialists, modern technology solutions, and extensive resources will provide me with opportunities to enhance the client experience and do my best work as a financial adviser,” Vance said in a statement.

Wealth Enhancement Announces Acquisition of Danison & Associates Inc.

Wealth Enhancement Group LLC, a national independent wealth management firm with more than $103 billion in client assets, announced the acquisition of Danison & Associates Inc., an independent RIA in Columbus, Ohio.

The Danison team oversees more than $82 million in client assets and is led by Dean Danison, president, and Tracey Danison, vice president.

“We are so pleased that Danison & Associates is joining Wealth Enhancement,” Jeff Dekko, Wealth Enhancement’s CEO, said in a statement. “With access to our centralized planning, estate, tax and trust services, we are confident that the team will continue to thrive and achieve even greater success.”

Danison & Associates was founded in 1997, serving both individuals and small businesses. The acquisition of Danison & Associates closed on December 31, 2024, and marked Wealth Enhancement’s 20th closed transaction of 2024.