Concordia CEO Basil Williams to become deputy chief investment officer of combined firm.
Mariner Investment Group LLC is beefing up its alternative asset management capabilities by merging with Concordia Advisors.
Mariner, which has $10.2 billion under management, will absorb the $1 billion Concordia firm.
Terms were not disclosed, and while the private deal is expected to result in some consolidation of employees and offices, Mariner is touting the benefits of bringing on the seasoned Concordia portfolio management team. Specifically, Concordia portfolio managers Arun Puri, John Eckert, James Wise, Chris Dillon, and Jason Cheung will continue to manage their respective funds under a new Mariner brand.
Basil Williams, Concordia's chief executive officer and manager of multistrategy mandates, will become Mariner's deputy chief investment officer and will serve on the investment and management committees of the combined firm.
“The synergy of our views and experience will enhance Mariner's skilled team of investment professionals,” said Mariner chief executive Bracebridge Young.
Mr. Williams cited Mariner's well-developed infrastructure as one of the key advantages of the merger.
“Becoming part of the Mariner organization enables our portfolio teams to focus on delivering the desired investment results for our clients while benefiting from infrastructure efficiencies that a larger institutional-quality firm can provide,” he said.