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Private-Client Advisory Buys Into Energy Infrastructure
Wealth manager Mariner Holdings has taken a majority stake in Tortoise Capital Advisors, a Leawood, Kan.-based manager that invests in listed energy infrastructure such as pipeline and power companies. The buy-in is meant to expand Mariner's investment-management portfolio and give Tortoise opportunities to grow its fund and separate-account businesses.
Three-year-old Mariner, which is also based in Leawood, was
founded by former employees of AG Edwards (now part of
Wells Fargo's retail brokerage) to provide investment- and
wealth-management services to institutional and private clients.
Tortoise's managing directors Kevin Birzer, Zachary Hamel, Ken
Malvey, Terry Matlack and David Schulte retain about 35% of
Tortoise and will continue in their previous roles. Tortoise has
also initiated an employee-ownership plan that, to start, allows
four additional employees of the firm to purchase equity.
"The Tortoise team brings significant depth, including closed-end
fund and separate account development and management, portfolio
management, client services and operational support, which will
provide a well established platform for continued growth," says
Mariner's chairman and chief executive Marty Bicknell.
Financial terms of the deal were not made public.
Tortoise had approximately $2.3 billion in assets under
management in five publicly listed investment companies and in
private accounts at the end of August 2009.
Mariner manages about $1.1 billion across three separately
registered investment advisories, according to filings with the
Securities and Exchange Commission.