Mariner announced the acquisition of Cardinal Investment Advisors early Thursday, bringing an additional $292 billion in assets to the national RIA firm.
The deal more than doubles Mariner’s assets under advisement, bringing its total to $550 billion upon anticipated closing in the first quarter, according to the announcement. Some 40 employees will join Mariner’s institutional planning division as part of the deal, with Cardinal’s team becoming the group's primary insurance advisory practice.
Pairing Cardinal’s expertise with Mariner’s resources will help the combined firm meet the evolving challenges faced by institutional clients, Marty Bicknell, CEO and president of Mariner, said in a statement.
Marc Tourville, president of Cardinal Investment Advisors, cited Mariner Institutional’s “deep resources and leadership team” as key drivers of the deal.
Cardinal currently has home offices in Chicago and St. Louis, and it has delivered investment consulting services since 2001. Its clients primarily consist of insurance companies, corporate retirement plans, health care systems, foundations and endowments.
Mariner and Cardinal are aiming to complete their integration by the end of March.
Pictured: Marty Bicknell
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