Financial services firm Mariner announced the acquisition of Cardinal Investment Advisors on Thursday.
The firm, with $292 billion in assets under advisement (AUA), will surge Mariner’s AUA to $550 billion in the first quarter of 2025 and will head up Mariner’s new insurance advisory practice. It will also bring 40 employees to Mariner’s Institutional practice.
“This acquisition kickstarts a year that will be filled with growth, innovation, and a relentless pursuit of providing the best client-focused financial services,” said Marty Bicknell, CEO and president of Mariner. “Today marks a defining chapter for Mariner in becoming the premier partner for institutional consulting services. In pairing Cardinal’s expertise with Mariner’s resources, we’re equipped to set a new standard in the industry for tailored, innovative solutions that meet the evolving challenges faced by today’s institutional clients.”
With offices in Chicago and St. Louis, Cardinal provides investment consulting services to insurance companies, as well as corporate retirement plans, healthcare systems, foundations, and endowments.
“Joining Mariner Institutional will enable the combined team to deepen the impact we have with our clients and expand our reach,” said Marc Tourville, CFA, president of Cardinal Investment Advisors. “This partnership leverages Mariner Institutional’s deep resources and leadership team, allowing our advisors to better serve our clients and bring our expertise to more organizations in need of customized investment strategies. Together, we will address the unique challenges facing institutional investors and deliver the innovative, reliable solutions they need to achieve their goals.”
In a release announcing the deal, Mariner believes the acquisition will “directly address” an increasing demand for institutional consulting services, which it says is driven by a need among investors for personalized investment solutions.
“By bringing Cardinal’s experienced capabilities and talented team members into the fold, we’re not only enhancing our service offerings but also strengthening our position as a trusted partner to institutions around the country working to navigate the increasingly complex financial landscape,” said National Managing Director Mike Welker, who leads Mariner Institutional.
The agreement was signed on Jan. 3, 2025. The Mariner and Cardinal integration is expected to be completed by the end of March.
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
