MacKay Shields will acquire Mariner Municipal Managers, a municipal bond firm, from Mariner Investment Group, according to spokesmen for MacKay and MIG.
Terms of the deal weren't disclosed.
John Puccio, a spokesman for MacKay Shields parent, New York Life Investment Management, said Mariner Municipal's six-member investment team will become a new division of MacKay Shields after the deal closes around July 1. Mariner Municipal's $377 million in assets are expected to come over with the transition.
MIG will continue to provide distribution and marketing services for the municipal team in the high-net-worth market as well as back-office and administrative support, said Dan Sullivan, an MIG partner.
