Mariner Institutional, a new division seeded last year when the RIA acquired two firms with that focus, has penned an agreement to acquire Southeastern Advisory Services, an institutional consulting firm headquartered in Atlanta. The deal is set to close in September, and will add about $5 billion in assets under advisement to Mariner Institutional.
Southeastern Advisory Services includes a four-person team led by Jeff Swanson and serves about 35 institutional clients across Florida, Georgia and Texas.
“While this is a significant transaction on its own, it’s also part of a larger trajectory of growth for Mariner Institutional,” said Mike Welker, head of Mariner Institutional. “We’re committed to scaling strategically, building our capabilities and reach in ways that deliver more value for our clients.”
Mariner launched the dedicated institutional division last year when it acquired AndCo Consulting in Orlando and Fourth Street Performance Partners in a Kentucky suburb of Cincinnati in a double deal. Earlier this year, Mariner struck a deal to add $292 billion in assets under advisement and about 40 employees to its institutional practice with the addition of Cardinal Investment Advisors, an institutional investment consulting firm with offices in Chicago and St. Louis.
While many in the financial advice business have long focused on retail clients, some firms have recently found that institutional clients, such as pensions and foundations, can pay off in a major way. Just this week, Cresset announced plans to merge with Monticello Associates, an employee-owned institutional consulting firm with $124 billion in assets under advisement.
Separately, Mariner has also struck deals with two wealth-focused firms, Forté Capital and Ultra Financial Partners, with a combined $1.7 billion in AUA. Those deals are expected to close on Aug. 31 and Sept. 30, respectively.
Rochester, N.Y.-based Forté was founded in 1996 and serves nonprofits, individuals, families and institutions in over 20 states. This represents Mariner’s second location in Upstate New York and fifth in the state.
The RIA is run by managing directors David Henion, Adil Masood and Edmond Sheidlower. In total, Forté adds a team of 13 advisors and 16 associates.
“As our firm continued to grow, we recognized the opportunity to expand our offerings in a way that better serves our clients and allows us to attract new ones,” Henion said in a statement. “Joining with Mariner allows us to do exactly that while leveraging the scale of its programs to drive long-term growth.”
Scottsdale, Ariz.-based Ultra Financial Partners was founded in 2021 after spinning off from a larger RIA. It serves federal employees, physicians and business owners. Its team of four will join one of Mariner’s two existing offices in Scottsdale.
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