Mariner Holdings, the Kansas-based asset and wealth management firm, has acquired a controlling stake in Palmer Square Capital to expand the firm’s alternative investments practice and asset management offerings.

Palmer Square, the Missouri-based alternative investment management firm specializing in funds which invest in hedge funds and private equity funds, will not be forced to change its current business strategy as a result of this transaction, Mariner said in a statement.

The financial cost of the deal was not disclosed.

“We continue to see very strong investor demand for alternative investment products across our client base. Through the Palmer Square team, we have further strengthened our expertise in alternatives and have broadened our asset management product offering with a range of institutional quality fund of funds products,” said Marty Bicknell, Mariner’s chief executive.

Chris Long, Palmer’s founder will continue to serve as firm’s president and managing director.

In conjunction with this transaction, Mariner will also acquire – for an undisclosed sum – Mr Long’s interest in Guilford Capital Management, which focuses on high net worth investors.

“The partnership provides us with direct access to a significant distribution network for our fund products in a fast growing regional and national marketplace,” said Mr Long.

In other recent developments, in September this year Mariner has taken a majority stake in Tortoise Capital Advisors that invests in listed energy infrastructure such as pipeline and power companies.