Mariner Wealth Advisors has struck a deal so as to add $292 billion in belongings below advisement and about 40 staff to its institutional observe. The RIA will purchase Cardinal Funding Advisors, an institutional funding consulting agency with workplaces in Chicago and St. Louis.
The deal expands upon Mariner Institutional, a brand new division the corporate seeded final 12 months when it acquired AndCo Consulting in Orlando and Fourth Road Efficiency Companions in a Kentucky suburb of Cincinnati in a double deal.
The acquisition of Cardinal brings Mariner’s whole AUA to roughly $550 billion, and Mariner expects the mixing to be full by the tip of March.
“This acquisition kickstarts a 12 months that shall be stuffed with progress, innovation and a relentless pursuit of offering the perfect client-focused monetary providers,” Mariner CEO and President Marty Bicknell stated in a press release. “At the moment marks a defining chapter for Mariner in changing into the premier companion for institutional consulting providers. In pairing Cardinal’s experience with Mariner’s sources, we’re outfitted to set a brand new customary within the business for tailor-made, revolutionary options that meet the evolving challenges confronted by right this moment’s institutional purchasers.”
Cardinal was based in 2001 and focuses on serving insurance coverage corporations, company retirement plans, healthcare techniques, foundations and endowments. It should create an insurance coverage advisory observe inside Mariner Institutional.
“By bringing Cardinal’s skilled capabilities and proficient staff members into the fold, we’re not solely enhancing our service choices but additionally strengthening our place as a trusted companion to establishments across the nation working to navigate the more and more advanced monetary panorama,” Nationwide Managing Director Mike Welker, who leads Mariner Institutional, stated in a press release.
Whereas many within the monetary recommendation enterprise have lengthy targeted on retail purchasers, some companies have not too long ago discovered that institutional purchasers, reminiscent of pensions and foundations, can repay in a significant approach.