Mariner Acquires $292B Investment Consulting Firm
Mariner has acquired Cardinal Investment Advisors in a deal that adds $292 billion in assets under advisement and about 40 employees to its Mariner Institutional practice.
Founded in 2001, Cardinal Investment Advisors, which has offices in Chicago and St. Louis, will become the insurance advisory practice within Mariner Institutional. Cardinal’s client base is focused on insurance companies as well as corporate retirement plans, healthcare systems, foundations and endowments.
“Today marks a defining chapter for Mariner in becoming the premier partner for institutional consulting services,” said Marty Bicknell, CEO and president of Mariner. “In pairing Cardinal’s expertise with Mariner’s resources, we’re equipped to set a new standard in the industry for tailored, innovative solutions that meet the evolving challenges faced by today’s institutional clients.”
In October, Overland Park, KS-based Mariner secured new funding for its expansion strategy, aiming to grow its advisor base to 5,000, with a significant minority investment from Neuberger Berman. Subsequent to that deal, Mariner strengthened its presence on both the East and West Coasts in December, adding $878 million in assets through acquisitions in Florida and California.
The deal, which is expected to close at the end of March, brings Mariner’s total assets under advisement to approximately $550 billion in the first quarter of 2025.