Deals & People October 30, 2024

Mariner Gets Capital Infusion From PE Firm Neuberger Berman

The wealth advisory now has additional funding to fuel growth soon after merging with qualified plan advisory AndCo Consulting to create Mariner Institutional.

Reported by

Alex Ortolani

Wealth and retirement plan advisory Mariner LLC has landed a minority growth investment stake from Neuberger Berman Capital Solutions, the firms announced Tuesday, while declining to provide the exact amount.

New York-based Neuberger and funds managed by Neuberger Berman Private Markets are joining existing investor Leonard Green & Partners, which made a minority investment in Mariner in 2021 and is retaining its stake in Mariner.

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Marty Bicknell will continue to lead Mariner as CEO and president, which, with affiliate Mariner Institutional Consulting LLC, has more than $245 billion in combined assets under management and advisement. Mariner acquired AndCo Consulting Inc. earlier this year, incorporating a team of about 100 people working on retirement plan advisement to build Mariner’s workforce to about 1,691 people, according to the firm.

Mariner will use the additional investment to accelerate its goal of “scaling its national adviser base to 5,000 advisers, a vision that will be achieved through both organic growth—via strategic alliances and referral partnerships—and inorganic growth via strategic acquisitions,” according to the announcement.

After the investment, Bicknell will also continue to hold majority control of Mariner’s board of directors; Neuberger Berman Capital Solutions will have board representation, and LGP will continue to serve on the board.

The firm offers wealth advisory services, financial planning, investment management, retirement planning, estate and tax planning, and insurance products to retail and institutional clients.

“Marty has built a truly differentiated business that sets the standard for personalized, holistic financial advice,” David Lyon, head of Neuberger Berman Capital Solutions, said in a statement.

Ardea Partners LP served as exclusive financial adviser on the deal, and Ropes & Gray LLP served as legal adviser to Mariner. Latham & Watkins LLP served as legal adviser to LGP; Cravath, Swaine & Moore LLP served as legal adviser to Neuberger Berman Capital Solutions.