Mariner Holdings, the Overland Park, Kansas-based asset and wealth management firm, is trying to sell its majority stake in Tortoise Investments, its largest investment operation.
Tortoise issued a news release that said both firms had “decided to explore strategic alternatives for Mariner’s majority stake in Tortoise.”
Tortoise advises clients on more than $20 billion in assets, roughly half of the total under the Mariner name.
Martin Bicknell, CEO and president of Mariner Holdings, said Tortoise has been an outsized part of the group since it was acquired in 2009 but that diversification of Mariner Holdings’ business was one motive for seeking a buyer.
Tortoise CEO Kevin Birzer said the company’s need for investment capital to expand its offerings drives its interest in finding new owners.