The $10.2 billion, Harrison, N.Y.-based Mariner Investment Group will merge with Concordia Advisors, an alternative asset manager with $1 billion in assets under management.
Concordia, with offices in New York City and London, was founded in 1993 and currently manages several commingled funds and separate accounts with a focus on relative-value trading in the rates, credit, and equity markets. The firm employs 18 investment professionals.
Under the terms of the deal, Concordia’s portfolio managers Arun Puri, John Eckert (G10 Rates); James Wise and Chris Dillon (municipals); and Jason Cheung (equities), will continue to manage their respective funds under the Mariner brand.
Mariner will absorb all Concordia’s business operations, providing IT, risk management, back office, marketing, investor relations, legal, compliance and other business services to the Concordia funds.
Concordia CEO and portfolio manager Basil Williams, a 20-year industry vet, will become Mariner’s deputy CIO and serve on Mariner’s investment and management committees, working closely with Mariner founder and CIO William J. Michaelcheck.
“Basil is a consummate investment professional who understands the opportunities and risks that alternative asset managers face in a variety of market environments. Basil and the Concordia portfolio trading teams are a welcome addition to Mariner’s business. The synergy of our views and experience will enhance Mariner’s skilled team of investment professionals and offer our clients additional resources and investment opportunities,” said Mariner CEO Bracebridge Young in a statement.
Valores Capital Partners served as Concordia's financial advisor in the transaction.