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

Stocks in this article: MN

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

Summary Highlights

  • Economic income and economic net income, non-GAAP measures, of $39.6 million and $24.4 million, or $0.27 per adjusted share
  • AUM at September 30, 2012 was $44.3 billion, compared with $42.4 billion at June 30, 2012
  • Third quarter revenue decreased less than 1% year-over-year and increased 5% sequentially to $85.4 million
  • Manning & Napier Group, LLC distributed to its members $31.3 million in cash for the quarter and $93.9 million year-to-date, resulting in a $0.16 per share third quarter dividend
  • Strategic Income Conservative and Strategic Income Moderate, two income-oriented mutual funds, were launched to meet the needs of income-oriented investors in a low yield environment

Patrick Cunningham, Manning & Napier’s Chief Executive Officer, commented, “Strong absolute and relative returns across our investment products drove third quarter results. Our investment portfolio positioning focuses on companies with the ability to demonstrate strong growth prospects, and the third quarter provided a market where these attributes were rewarded. As economic uncertainties and overhangs continue to loom, we remain focused on identifying investments with strong growth prospects and attractive valuations, which have consistently generated positive returns in the long run. While I am proud of our servicing and selling efforts in this difficult market environment, which has led to annualized separate account retention rates in excess of 95% and modest year-to-date inflows in our mutual funds and collective investment trusts, our focus is on returning the business to a position of stronger net inflows. Despite recent near-term trends favoring passive strategies, we believe active management will play a critical role in meeting client objectives and their evolving needs. As such, we are making the necessary investments in our business and expanding our distribution capacity in terms of personnel, geographic focus and product diversification to further meet the goals of our clients. Additionally, we are building track records and supporting new investment capabilities to broaden our product set coverage. With this focus, we believe we will continue to provide long-term value and return capital to our shareholders despite ongoing market uncertainties.”

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