Since December 31, 2011, AUM increased by $4.5 billion, including increases in separate account AUM of 10% and in mutual fund and collective investment trust AUM of 13%. Of the $4.5 billion increase in AUM from December 31, 2011 to March 31, 2012, 93%, or $4.2 billion, of the increase came from market appreciation during the period. The remaining 7% of the increase was driven by net new client flows of $0.3 billion, primarily attributable to $0.4 billion of net inflows from our mutual funds and collective investment trusts, offset by $0.1 billion of net client out flows from our separate accounts caused by withdrawals from existing client accounts. The annualized separate account cancellation rate was 4.4% during the three months ended March 31, 2012.When compared to March 31, 2011, AUM increased by $2.1 billion from $42.6 billion, including an increase of $0.4 billion, or 2%, in separate account AUM and an increase of $1.7 billion, or 10%,in mutual fund and collective investment trust AUM.
Manning & Napier, Inc. Reports First Quarter Earnings Results
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