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Manning & Napier, Inc. Reports Second Quarter 2013 Earnings Results

Stocks in this article: MN

Manning & Napier, Inc. (NYSE: MN), (“Manning & Napier” or “the Company”) today reported 2013 second quarter results for the period ended June 30, 2013.

Summary Highlights

  • Second quarter economic income and economic net income, non-GAAP measures, of $44.0 million and $27.2 million, or $0.30 per adjusted share
  • Assets under management ("AUM") at June 30, 2013 was $46.3 billion, compared with $48.1 billion at March 31, 2013
  • Revenue for the second quarter increased 14% year-over-year and increased 3% sequentially to $93.0 million
  • Manning & Napier Group, LLC distributed to its members $31.3 million in cash for the quarter and $62.7 million year-to-date, resulting in a $0.16 per share second quarter dividend
  • Continued expansion of our distribution in the direct sales channel

Patrick Cunningham, Manning & Napier's Chief Executive Officer, commented, “We have continued to execute on our strategic objectives while experiencing consistent interest in our investment solutions from clients and prospects. In spite of continuing strong levels of gross inflows resulting from new accounts and client contributions, the second quarter witnessed outflows that outpaced inflows concentrated in platform business and U.S. Equity products. With more than 40 years of experience, we've seen firsthand how major points of inflection in the market can represent opportunities for active managers to achieve strong excess returns. Our long-term track records have been built upon taking advantage of the biases that can be created in extreme market environments. We continue to stay close to our clients and true to our investment discipline as this is core to delivering on expectations to our clients and shareholders."

Second Quarter 2013 Financial Review

Manning & Napier reported second quarter 2013 revenue of $93.0 million, an increase of 14% from revenue of $81.5 million reported in the second quarter of 2012, and an increase of 3% from revenue of $90.3 million reported in the first quarter of 2013. The changes in revenue resulted primarily from increases in average AUM. Average AUM for the quarter was $47.8 billion, which was a 12% and 1% increase from the second quarter of 2012 and the first quarter of 2013, when average AUM was $42.8 billion and $47.2 billion, respectively. Revenue as a percentage of average AUM was 0.78% for the second quarter of 2013 compared with 0.76% for the second quarter of 2012 and 0.78% for the previous quarter.

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