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Manning & Napier, Inc. Reports Fourth Quarter And Year-End 2011 Earnings Results

Stocks in this article: MN

Manning & Napier, Inc. (NYSE: MN)(“Manning & Napier” or “the Company”) today reported 2011 fourth quarter and full-year results for the period ended December 31, 2011.

2011 Highlights

  • 2011 revenue increased 29.2% year-over-year to $330.0 million
  • Economic income, a non-GAAP measure, increased 36.2% to $156.7 million in 2011
  • Economic net income, a non-GAAP measure, increased 36.2% to $1.08 per adjusted share in 2011
  • AUM at December 31, 2011 was $40.2 billion, with 2011 net client inflows of $4.7 billion
  • Successfully completed the Company’s initial public offering, raising proceeds of $163.0 million
  • Continued to invest in new products and sales/service team commensurate with strategic plans
  • Strategically aligned existing capabilities to address clients’ needs for total retirement solutions

Patrick Cunningham, Manning & Napier’s Chief Executive Officer, commented, “2011 was a year of significant growth at Manning & Napier, culminating in our initial public offering. Despite ongoing market volatility, we were able to grow revenue and economic net income through strong flows to our mutual funds and separate account products. While consumer sentiment and continued success of exchange-traded funds have caused actively managed long-term mutual funds to experience outflows industry wide, we believe the Company’s investment disciplines and diversified product line-up -- including our risk-based and target-date funds, our international equity products and our forthcoming active asset allocation target date collective trusts using underlying exchange-traded funds -- have positioned us well in industry growth segments for continued success.

“However, 2011 was a difficult year in many respects for investors and presented challenges across global economies. We were not immune. For the most part we did not emphasize high dividend-paying stocks that were among the biggest winners in 2011. We were selective in owning attractively valued global growth companies that could continue to gain market share despite slow overall U.S. and developed countries’ economic activity. We think this positions us well for the environment going forward and our long-term performance remains strong and competitive with 78 percent of our mutual fund assets in funds with 4- or 5-star Morningstar ratings as of December 31, 2011.”

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