Investment manager Neuberger Berman (NB) Capital Solutions has made a minority investment in Mariner Wealth Advisors, an Overland Park, Kan.-based wealth manager with more than $245 billion in assets under management and advisement, according to the firm.

Private equity investor Leonard Green & Partners (LGP), which made a minority investment in Mariner in 2021, will retain its investment in the firm, the firm said in a press release. It also noted that Mariner President and CEO Marty Bicknell will continue to lead the firm.

“Mariner is fully committed to building the fiduciary service provider of the future,” Bicknell said in a statement. “With this investment and continued partnership, we are confident in our ability to reach new heights in both client service and business expansion as we continue to build a truly holistic financial services firm rooted in the vision of positively impacting the lives of many.”

The growth capital from Neuberger Berman Capital Solutions (NB Solutions) will help to accelerate Mariner’s goal of “scaling its national advisor base to 5,000 advisors, a vision that will be achieved through both organic growth—via strategic alliances and referral partnerships – and inorganic growth via strategic acquisitions,” the release said.

The investment also “recognizes Mariner's exceptional position within the wealth management industry, supported by consistently strong net organic growth, advisor recruitment and retention, as well as industry-leading branding efforts,” the release said. Mariner was founded in 2006 with $300 million in assets under advisement.

“We are thrilled to be backing Marty and the exceptional team at Mariner,” said David Lyon, head of NB Capital Solutions. “Marty has built a truly differentiated business that sets the standard for personalized, holistic financial advice."

Bicknell will continue to hold majority control of Mariner's board of directors, and NB Solutions will receive board representation. Also, LGP will continue to serve on the board, the release said.

NB Capital Solutions, which manages $8 billion in AUM, is part of the Neuberger Berman Private Markets platform, a global private equity investor with more than 35 years of experience that has managed more than $115 billion of commitments through June. Its team of over 400 private markets professionals has offices in the U.S., Europe and Asia, the release said.