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Manning & Napier, Inc. Reports Fourth Quarter And Year-End 2012 Earnings Results

Stocks in this article: MN

Manning & Napier, Inc. (NYSE: MN), (“Manning & Napier” or “the Company”) today reported 2012 fourth quarter and year-end results for the period ended December 31, 2012.

Summary Highlights

  • Full year economic income and economic net income, non-GAAP measures, of $156.9 million and $96.9 million, or $1.08 per adjusted share
  • Assets under management ("AUM") at December 31, 2012 was $45.2 billion, compared with $44.3 billion at September 30, 2012 and $40.2 billion at December 31, 2011
  • Revenue for the fourth quarter and full-year increased 8% and 3% compared to 2011, respectively
  • Manning & Napier Group, LLC distributed to its members $31.3 million in cash for the quarter and $125.4 million for the year, resulting in a $0.16 and $0.64 per share fourth quarter and full-year dividend, respectively
  • Expanded territories within our Direct Channel, deepened platform resources within our Intermediary Channel, and launched and seeded several new products

Patrick Cunningham, Manning & Napier's Chief Executive Officer, commented, “2012 was a strong year for our investment products. Earlier in the year, we discussed certain market trends that have been working against the positioning of our portfolios and our active management approach. Our expectation was that our clients would benefit from our positioning once these headwinds began to dissipate. We saw just that in the latter half of 2012, which led to competitive absolute and relative returns for the full calendar year. The improving momentum in our short-term track record, in conjunction with our strong long-term track record, has already improved the service environment for our sales teams, and should help us return the business to a position of net inflows. We continue to believe that 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 ensure sustainable growth and stability for our business. 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 to our shareholders despite ongoing market uncertainties.”

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