Mariner Wealth Advisors today announced that it will acquire two advisor firms with a combined total of $104 billion in assets under advisement that will drive a new business unit called Mariner Institutional.
Winter Park, Fla.-based AndCo Consulting and Covington, Ky.-based Fourth Street Performance Partners will be bought in a simultaneous transaction under an agreement that was finalized yesterday, the company said.
Fourth Street, according to its latest ADV filing, has $4.5 billion in assets under management and 14 employees, while AndCo has $90.6 billion in assets under advisement and 98 employees. The release said Fourth Street will merge with AndCo upon closing of the transaction, which is expected to be in early April.
The firms will retain their teams of professionals and work under the Mariner Institutional brand, serving clients out of their locations in Covington, Winter Park, Chicago, Dallas, Detroit, Pittsburgh, Cleveland and Reno, Nev., the release said.
The strategic addition of the two firms supports Mariner “in offering a comprehensive suite of complementary services, catering to both institutional and individual clients. The expansion enhances Mariner’s capabilities and growth potential, solidifying its commitment to a client-first approach,” the release noted.
“The complementary nature of our clients and services will support our joint growth and offer existing clients and prospects additional services that will help enhance the overall client outcome,” Marty Bicknell, CEO and president of Mariner Wealth Advisors, said in a statement. “Mariner, AndCo and Fourth Street share an objective and client-first approach, a focus on associate development and unyielding support for our communities. This leads to a strong cultural alignment and great opportunities ahead.”
The release said AndCo, which has about 25 years in the business, will drive the new business. The firm’s CEO Mike Welker said, “Since the inception of the firm, we have consistently approached business decisions through a simple three-pronged question: how will this impact our clients, our colleagues and our community?”
He added, “We truly believe we have found a partner in Mariner that shares the same philosophy, and I’m confident this opportunity will enhance the services we deliver to our existing clients, provide opportunities for our team members and give us capacity to give back to our local communities at scale.”
Founded with $300 million in assets under advisement in 2006, Mariner Wealth Advisors and its affiliates now advise on over $122 billion in assets as of December 31.