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Manning & Napier, Inc. Reports Second Quarter 2012 Earnings Results

Manning & Napier, Inc. (NYSE: MN), (“Manning & Napier” or “the Company”) today reported 2012 second quarter results for the period ended June 30, 2012.

Summary Highlights
  • Economic net income, a non-GAAP measure, of $22.7 million, or $0.25 per adjusted share
  • Economic income, a non-GAAP measure, increased 1% to $36.7 million year-over-year
  • AUM at June 30, 2012 was $42.4 billion, compared with $44.7 billion at March 31, 2012
  • Second quarter revenue decreased 5% year-over-year and 4% sequentially to $81.5 million
  • Manning & Napier Group, LLC distributed to its members $31.3 million in cash for the quarter and $62.6 million year-to-date, resulting in a $0.16 per share second quarter dividend
  • Launched actively-managed ETF-based target date collective investment trusts, with additional product launches planned in 2012

Patrick Cunningham, Manning & Napier’s Chief Executive Officer, commented, “The Company remains focused on the fundamentals that have been at the core of our business success over the last four decades. We understand ongoing market volatility and the changing dynamics of our industry dictate that we must continually enhance and transform our business to succeed. This often means looking past short-term sentiment to identify opportunities that meet the long-term needs of our clients while adhering closely to our proven philosophies. We continue to have strong conviction in the positioning of our client portfolios for long-term sustained growth and have focused our efforts on servicing our clients during this difficult and prolonged period of market volatility. Looking to the future growth of our business, we continue to launch products and services that complement our existing product offerings and represent new opportunities where we have identified favorable market dynamics. The actively managed ETF-based target date product is one example of our responsiveness to changing industry dynamics. The continuing focus across the firm on consultative solutions that bring our clients close to us is another example. We are also continuing to increase headcount with a focus on distributing and supporting our new product and service offerings. Finally, we pride ourselves on returning value to our shareholders, evidenced by our recent announcement of a second quarterly dividend of $0.16 per share in conjunction with a $31.3 million distribution.”

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