Mariner Wealth Advisors announced plans to acquire Ventura, Calif.–based Channel Islands Group, a registered investment advisor with $277 million in assets and Mariner’s sixth acquisition in California. Mariner already has locations in Los Angeles, Costa Mesa, Calif., and San Diego, as well as two locations in San Francisco.
Channel Island specializes in estate, tax, trust and insurance planning, but the acquisition will allow it to expand its offerings to clients.
“We have been working to develop an ‘under-one-roof’ financial services concept for decades,” said Russ Charvonia, founder of Channel Islands, in a statement. “This gets us even closer to that dream.”
Channel Islands was founded in 2014 by partners Michael Snowden Jr. and Charvonia.
Leonard Green & Partners, a private equity firm headquartered in Los Angeles, started backing Mariner in April when it took a minority stake. The investment was to help Mariner expand its national footprint. Most recently, Mariner announced plans to buy Steve Lockshin’s AdvicePeriod, a well-known wealth management firm with $5.1 billion in client assets.
The deal is expected to close August 31.
