Mariner Wealth Advisors has struck parallel deals to add another $104 billion and 100 employees in the second quarter of the year, the company announced.
AndCo Consulting in Orlando and Fourth Street Performance Partners, in a Kentucky suburb of Cincinnati, will combine to form the foundation for a new business dubbed Mariner Institutional. Representing $90.6 billion in assets, the 87-person AndCo team will lead the combined groups and focus on serving Mariner’s largest clients while also creating a pipeline of individual prospects saving for retirement.
“The complementary nature of our clients and services will support our joint growth and offer existing clients and prospects additional services that will help enhance the overall client outcome,” CEO Marty Bicknell said in a statement.
The announcement comes as Mariner, with about $122 billion in client assets at the end of December, faces a series of court challenges over aggressive recruiting tactics in a bid to add thousands of advisors by 2026.
Founded in 2006, the company has more than doubled headcount since early 2022. The same year, Mariner announced it would be looking to add as many as 4,000 advisors by 2026.