Tortoise, a company that specializes in essential assets and income investing, is considering a potential sale of a majority stake in the Kansas-based company, CEO and co-founder Kevin Birzer
said on Tuesday, according to the Wall Street Journal
| Kevin Birzer|
Tortoise Capital Advisors LLC
CEO and Co-Founder
, president and board member at Tortoise
, and Marty Bicknell
, CEO at Mariner Holdings, could not be immediately reached for comment on the implications of the deal and what type of buyer they are looking for. Private-equity firms or conventional asset managers looking to diversify their product lineup may be among the list of interested buyers.
The firm, founded in 2002, has 140 employees with approx. $20 billion in assets under advisement as of May 31, 2017, and is owned by Mariner Holdings LLC
, a wealth and asset management company. Mariner has held a majority stake at Tortoise since 2009, and Marinerís executives may expand its ownership stake through a deal with Tortoise.
Tortoise offers closed-end funds, separate accounts, ETFs, and mutual funds in the energy investing sector. Tortoise may use the extra capital from a sale to make larger investments to start new funds.
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