Mariner Wealth Advisors, a large independent advisory firm, has acquired a majority stake in a northeastern U.S. firm that manages $817 million in assets.
The acquisition of the stake in Manasquan, N.J.-based Housen Financial Group Inc. boosts the Leawood, Kan. registered investment adviser’s assets under management to $9.5 billion, about a quarter of which are now in the northeast, according to a statement Monday.
Terms were not disclosed.
They also took a majority stake in New York-based RR Advisory Group last year.
The firm’s parent company, Mariner Holdings, is led by chief executive Martin C. Bicknell and also includes $20 billion asset manager Montage Investments and FirstPoint Financial, an advice service with no asset minimums.