Mariner Wealth Buys $1.8B Boston Outsource Investment Manager

Mariner Wealth Advisors announced a significant expansion in the northeast with the acquisition of Baystate Wealth Management, a Boston, MA-based registered investment advisor with $1.8 billion in assets under management.

Founded in 2009 by Thomas O’Connor and Dave Porter, Baystate specializes in customized and diversified investment portfolios and acts as an outsource investment manager for advisors, Mariner said.

The firm’s 13 employees will join Mariner Wealth Advisors.

“Not only does Baystate’s advanced approach to investment portfolios fold perfectly into Mariner’s catalog of strategies, bolstered by their team of talented professionals, but their values also align with ours,” said Marty Bicknell, CEO and president of Mariner Wealth Advisors.

Baystate will continue to act as an outsource investment manager for advisors and will operate as a third-party investment offering under the Baystate name, while utilizing Mariner Wealth Advisors’ resources to expand its reach.

Financial terms of the deal, which is expected to close on January 1, 2024, were not disclosed. Th acquisition will be Overland Park, KS–based Mariner Wealth Advisors’ third office in Massachusetts and its 98th across the U.S. .

Founded in 2006 with $300 million in assets under advisement, Mariner Wealth Advisors and its affiliates now advise on over $114 billion in assets as of June 30.