Neuberger Berman Capital Solutions and funds managed by Neuberger Berman Private Markets (NB) have taken a significant minority stake in Mariner, a wealth management firm with more than $245 billion in assets under advisement and management.

Private equity investor Leonard Green & Partners (LGP), which made a minority investment in Mariner in 2021, will be retaining all its investment in Mariner. Mariner will continue to be led by CEO and president Marty Bicknell.

“Mariner is fully committed to building the fiduciary service provider of the future,” said Bicknell. “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 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,” according to the firm.

Bicknell will continue to hold majority control of Mariner’s board of directors. NB will receive board representation and LGP will continue to serve on the board.

Mariner was established in 2006 in Overland Park, KS, with $300 million in assets. Since then, it has expanded to become one of the largest independent RIAs in the country, closing 36 acquisitions since June 2021.

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