Mariner, a prominent national registered investment advisor, accelerates its institutional growth strategy with the acquisition of Cardinal Investment Advisors, a consulting firm overseeing $292 billion in assets under advisement.
Finalized on January 3, the deal positions Mariner to more than double its assets under advisement. Once integration concludes later this quarter, Mariner estimates its total advised assets will reach approximately $550 billion.
“This acquisition signals a transformative year of growth, innovation, and a steadfast focus on delivering superior client-centered financial services,” says Mariner CEO Marty Bicknell.
While Mariner has built a reputation as one of the nation’s largest and most acquisitive RIAs, its previous acquisitions largely targeted smaller, retail-oriented advisory firms. The acquisition of Cardinal marks a shift toward bolstering its institutional services.
Based in Chicago and St. Louis, Cardinal specializes in investment consulting for insurance companies, corporate retirement plans, healthcare systems, and endowments and foundations. Following the acquisition, Cardinal will be integrated into Mariner Institutional as its insurance advisory division.
“Today signifies a pivotal moment in our journey to establish Mariner as the leading partner for institutional consulting services,” Bicknell adds.
The transaction brings 40 Cardinal employees into Mariner’s fold, strengthening the firm’s expertise and resources. Both companies highlight the potential for the partnership to extend their reach and provide more customized institutional advice.
“This collaboration capitalizes on Mariner Institutional’s robust resources and leadership, enabling us to better serve clients and bring our tailored investment strategies to a broader array of organizations,” says Cardinal President Marc Tourville.
Mariner’s ambitious growth objectives include achieving a 15% annual expansion rate and growing its advisor base to 5,000 professionals. As of June, Mariner employed 1,849 advisors. Bicknell emphasizes that the firm’s growth strategy combines acquisitions with organic expansion through strategic alliances and referral networks. Last fall, Mariner bolstered its capital base by selling a stake to Neuberger Berman Capital Solutions and funds managed by Neuberger Berman Private Markets, alongside existing minority owner Leonard Green & Partners.
While Bicknell refrains from detailing specific acquisition plans, he underscores the Cardinal deal as a blueprint for future endeavors.
“Cardinal Investment Advisors exemplifies the type of strategic partnership we aim to pursue,” Bicknell says. “We are focused on collaborating with firms that share our dedication to delivering tailored, innovative solutions that enhance service for our clients.”
