Mariner, a prominent national RIA firm, has announced the sale of a minority stake to Neuberger Berman Capital Solutions and funds under Neuberger Berman Private Markets’ management.
While financial terms remain undisclosed, both firms confirm that Neuberger Berman’s stake is “significant.”
This new investment by Neuberger Berman, alongside ongoing support from Leonard Green & Partners, a long-standing minority stakeholder, positions Mariner for accelerated growth. According to CEO Marty Bicknell, the partnership will fuel Mariner’s strategic acquisitions and enhance its reach as a fiduciary-focused provider.
“We are unwavering in our mission to build the fiduciary service provider of the future,” says Bicknell. “This investment empowers us to elevate both client service and business growth, progressing toward a truly comprehensive financial services platform.”
Mariner’s aggressive M&A strategy has helped position the firm as an industry leader. It maintains a high advisor retention rate of 98-99% and aims to reach 5,000 advisors in the coming years. As of June, Mariner’s team consisted of 1,849 advisors across 116 offices in 41 states and Puerto Rico. The firm’s organic growth target is set at 15% annually.
Currently, Mariner oversees $108 billion in assets under management and advises on $246 billion in assets, combining its private client and institutional businesses.
As part of the deal, Neuberger Berman will hold a seat on Mariner’s board, although details on the exact number of seats have not been disclosed. However, Mariner states that Bicknell will retain control over the board’s majority composition.
David Lyon, head of Neuberger Berman Capital Solutions, expressed strong support for Mariner’s leadership, commending Bicknell’s stewardship and the firm’s success in building a distinct business model that exemplifies personalized, holistic financial advice.
Neuberger Berman, beyond its Capital Solutions and asset management divisions, has significantly expanded its private wealth management arm under Stephanie Birrell Luedke’s leadership. Since Luedke’s appointment in 2019, assets under Neuberger Berman Private Wealth have surged to $74 billion, up from $47 billion four years ago.
