Mariner takes stake in RiverPoint

Deal for firm catering to P&G employees marks Mariner's third this year; more in the works

Oct 30, 2012 @ 3:07 pm

By Dan Jamieson

Advisers, wealth management, mergers & acquisitions
+ Zoom

Mariner Wealth Advisors has acquired a majority stake in RiverPoint Capital Management, a Cincinnati-based wealth management firm with $1.3 billion under management.

Terms were not disclosed.

RiverPoint , which has a unit specifically catering to retiring Proctor & Gamble employees, will continue to operate under its own name. RiverPoint co-founders Valerie Newell and Leon Loewenstine will remain with the firm, along with 15 other staff.

With RiverPoint, Leawood, Kan.-based Mariner Wealth now runs $5.6 billion for clients, with 104 professionals and staff in 13 offices nationwide.

Holding company Mariner Holdings runs another $11 billion under its institutional money manager Montage Investments LLC, best known for its Tortoise MLP funds.

The RiverPoint deal is the third this year for Mariner Wealth. In July, it took a majority stake in Orizon Investment Counsel LLC, an Omaha-based firm with $300 million in assets. In January, the firm acquired a majority interest in Adams Hall Asset Management of Tulsa, Okla., which had about $1.3 billion under management.

Marty Bicknell, chief executive of Mariner Wealth, said he’s got another deal in the works, a firm with $600 to $700 million in assets, which should close in December.

“Our whole objective is to find [and buy firms] where the leaders originally got into the business as practitioners, and woke up one day and said, ‘I’m running the business here and that’s not what I want to spend my time doing,’” Mr. Bicknell said.

Mariner Wealth provides many administrative services to its acquired firms, he said, including human resources, technology, compliance, marketing and finance.

The strategy is similar to roll-up firms, but “we don’t have an exit strategy,” Mr. Bicknell said. “We’re not buying other firms [to] sell or go public” later on.

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

Events

3 themes shaping your business now

If there are three overriding themes for advisers right now its succession planning, acquisition and hiring millennials. Financial adviser James Loftin discusses how his firm is tackling all three.

Video Spotlight

The Search for Income

Sponsored by PGIM Investments

Recommended Video

Path to growth

Latest news & opinion

TD Ameritrade triples time before it charges fees on popular ETFs

Extending free trading of Vanguard and iShare ETFs to January.

Trump rejects idea of new caps on 401(k) savings in tax plan

GOP reportedly had been considering reducing the cap on the annual amount workers can set aside for 401(k)s.

Finra's stats reveal an industry in decline

The broker-dealer regulator reports fewer entities under its watchful eye.

T. Rowe Price steps up its game to serve financial advisers

The Baltimore-based mutual fund giant is more aggressively targeting financial advisers with a beefed-up wholesale crew and placement on custodial platforms.

The most important tax changes for 2018

The Internal Revenue Service issued inflation adjustments to more than 50 tax provisions for 2018.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print