Neuberger Berman Takes Minority Stake in Mariner

Mariner Wealth Advisors announced that Neuberger Berman Capital Solutions and related private markets funds have made a “significant minority growth investment in the firm.”

With the investment NB Capital joins prior investor Leonard Green & Partners (LGP) as the firm’s institutional capital partners, Mariner said in an October 29 press release. LGP made a minority investment in Mariner in 2021 and will continue to hold that stake, the firm said.

Mariner, along with its affiliates, have approximately $245B in combined AUM. The infusion from NB Capital is intended to help accelerate Mariner’s continued organic and acquisition-driven growth. Following the investment, Mariner CEO and President Marty Bicknell will continue to have majority control of the firm’s board, while NB Capital will receive board representation, joining LGP.

Ardea Partners LP served as financial advisor to Mariner, while Ropes & Gray LLP served as legal advisor. Latham & Watkins LLP served as legal advisor to LGP. Cravath, Swaine & Moore LLP served as legal advisor to NB Capital.

View the press release here.