New York-based advisory firm Mariner Investment Group announced its merger with hedge fund firm Concordia Advisors Tuesday.
Mariner said in a statement that under the agreement, it will absorb all of Concordia’s business operations and will provide IT, risk management, back office, marketing, investor relations, legal, compliance and other business services to Concordia funds.
Following the merger, Concordia’s investment teams will continue to manage their respective funds under the Mariner brand.
Concordia CEO and portfolio manager Basil Williams will also continue to manage the multi-strategy mandates at Concordia. Williams has also been named Mariner’s deputy chief investment officer, and will also serve on its investment and management committees.
Founded in 1992, Mariner manages approximately $10.2 billion in assets for its hedge fund clients. With offices in New York and London, Concordia has about $1 billion in assets.