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Mariner close to exiting institutional asset management business

Wealth advisory firm Mariner LLC d/b/a Mariner Wealth Advisors said its affiliated investment management arm, Montage Investments LLC, is nearing its complete exit from the firm's remaining institutional asset managers.

Montage's planned exit from the institutional asset management business started in 2017 when it began the process to sell its stake in Tortoise Investments. The stake sale was completed in January 2018.

Montage also completed the sale of its majority stake in Convergence Investment Partners LLC to Nile Capital. Ardea Partners LLC and Evercore served as exclusive financial advisers to Mariner and Montage on each transaction.

In addition, Mariner Wealth Advisors' majority-owned subsidiaries, Nuance Investments LLC, and Palmer Square Capital Management LLC, are in the process of completing management buyouts, the firm said.

In an interview with the Kansas City Business Journal, Mariner founder Martin Bicknell said the firm is exiting the asset management business in order to focus on its wealth advisory business. Mariner Holdings LLC will hold on to its ownership of venture capital firm Flyover Capital, and a fixed-income strategy called Ascent Investment Partners LLC and its options trading business will be combined with Mariner Wealth, Bicknell said.