Investment property manager Real Estate Capital Partners (ReCap) will take over the management of two Mariner funds, boosting the firm's assets under management to $650 million.
Investors in the Mariner American Property Income Trust and the Mariner Infrastructure Trust voted for the funds to be acquired by ReCap.
The funds have more than $550 million in funds under management (FUM), with 7000 retail and institutional investors.
ReCap will boost its FUM to $650 million and investor base to 9000 investors, following the acquisition.
"The expanded investor client base opens up significant opportunities for the future growth of our business," ReCap chief executive Andrew Saunders said.
ReCap will conduct a strategic review of the funds. The review's outcome will be finalised in the first quarter of 2009.
Saunders, who has previously worked at Mariner, was involved in the establishment of Mariner's US Trust in 2005.
"We are therefore familiar with the portfolio and its property management team, as well as the market itself," Saunders said.
