Mariner Wealth Advisors, an investment advisory firm based in the Kansas City area, is acquiring Patriot Wealth Management, a Houston-based firm with $2 billion in assets under management, Mariner announced Tuesday.
Terms of the deal were not disclosed.
Marty Bicknell, Mariner president and CEO, said in a press release that he has been familiar with Patriot’s leadership for close to a decade and that the firm is “a natural fit” as an acquisition.
Patriot was founded in 2004 and is managed by shareholders Todd Hanslik, Anna Jones, Bill Murski, Jeff Swantkowski and Dana Weinstein, according to the press release.
Company officials say the deal will help Patriot re-allocate resources previously devoted to back-office functions.
Patriot marks the largest acquisition Mariner’s wealth-management division has ever made, the Kansas City Business Journal reports.
Founded in 2006, Mariner has grown to more than $23 billion in assets under management, according to the press release. The advisory has 26 locations with more than 125 advisers and 500 associates.