Opalesque Industry Update: Mariner Investment Group today announced that it is entering into a merger agreement with Concordia Advisors, an alternative asset manager with offices in New York City and London. Concordia, founded in 1993, currently manages several commingled funds and separate accounts with a focus on relative value trading in the rates, credit, and equity markets. The firm manages $1 billion of client assets and employs 18 investment professionals. |
Marinerís infrastructure and business operations will absorb all of the business operations of the Concordia business following the merger. The teams will work together to ensure an orderly transition, so that going forward, Mariner will provide information technology, risk management, back office (including trade processing and settlement), marketing, investor relations, legal, compliance and other business services to the Concordia funds in the same way that it manages its current funds and separate client accounts.
Following the merger, Concordiaís investment teams and selected support staff will join Marinerís registered investment adviser starting early in 2013. Specifically, Concordiaís 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.
Basil Williams, Concordiaís CEO and portfolio manager of its multi-strategy mandates, will become Marinerís Deputy Chief Investment Officer and will serve on Marinerís Investment Committee and Management Committee. He will continue to manage the multi-strategy mandates of Concordia, and will participate in Marinerís investment activities as well, working closely with Marinerís founder and CIO, William J. Michaelcheck. Mr. Williams has more than 20 yearsí experience successfully managing fixed income-related trading portfolios. He began his career with Merrill Lynch & Co. in 1980, where he was responsible for the development of its New York sales trading teams in fixed income futures and options. In 1988, he joined Barclay Investments, a broker dealer, which provided quantitative analysis of global fixed income markets. In 1994, Mr. Williams became affiliated with Concordia as head of its fixed income trading group, and in 2006 was appointed Concordiaís CEO. Mr. Williams holds an MBA in Finance from New York University and a BA in Applied Mathematics from Brown University.
ďBasil 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 Marinerís business. The synergy of our views and experience will enhance Marinerís skilled team of investment professionals and offer our clients additional resources and investment opportunities,Ē commented Bracebridge Young, Marinerís Chief Executive Officer.
ďBecoming 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,Ē said Williams.
Valores Capital Partners served as exclusive financial advisor to Concordia in the transaction.