Mariner Wealth Advisors, through the acquisition, has added 17 employees and about US$1.3 billion in assets under management (AUM).
The CEO of Mariner Holdings, Marty Bicknell, said that he plans to make at least one more acquisition this year, which would take Mariner Wealth Advisors’ AUM to about US$6.2 billion.
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"We’ve really concentrated this year on growing the wealth division to help it catch up to the asset management side, and we knew the only way to do that was through inorganic growth. We’re looking for big guys like RiverPoint. The Tulsa acquisition we did earlier in the year was about $1.2 billion in AUM at the time. So we think we can definitely handle more firms of this size," Bicknell said.
The former RiverPoint chairwoman and co-founder, Valerie Newell, will remain an owner in the new entity and sit on the Mariner Wealth Advisors advisory board alongside Bicknell.
Additionally, the former RiverPoint CIO and co-founder, Leon Loewenstine, will remain an owner and join the investment committee, serving with Mariner CIO, Bill Greiner.
Three other employees at RiverPoint were promoted to the post of managing directors and will get an ownership stake in the new entity.
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