Mariner buys JAM boutique

Mariner Financial moved into the boutique investment management market yesterday with a 47 per cent stock acquisition of pooled development fund JAM Development Capital.

Mariner will acquire 17.2 million ordinary shares in JAM at an issue price of 25 cents each as well as just over 14 million options on the same terms.

JAM will change its name to Mariner Wealth Management Limited, while retaining is existing listing on the ASX and registration as a PDF under the Pooled Development Funds Act 1992.

Mariner founder and managing director Bill Ireland becomes the new chairman of Mariner Wealth Management (MWM).

Mariner chairman Ian Ingram has also been appointed to the new board, as have investment specialists Geoff Wilson and Matthew Kidman of Wilson Asset Management. An additional board member is yet to be appointed.

Ireland said MWM will focus on investing in unlisted funds management companies, particularly small boutiques.

“We’re already in discussions with a number of mangers who are interested in joining the group,” Mr Ireland said.

MWM will also assist in the establishment of other boutique managers by providing access to Mariner's administration and distribution services, he said.

“The MWM move reinforces Mariner's philosophy of growth through strategic alliances with partners who can provide specialised and niche expertise.”

“We're seeking to develop a portfolio of equity interests in a range of boutique fund managers, ranging from start-ups to established niche players,” Ireland said.

Mariner operates eight distinct business units and has a share in three listed entities, Mariner Financial, Mariner Retirement Solutions Limited and now Mariner Wealth Management.