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Manning & Napier, Inc. Reports Fourth Quarter And Year-End 2013 Earnings Results

Stocks in this article: MN

Manning & Napier, Inc. (NYSE:MN), (“Manning & Napier” or “the Company”) today reported 2013 fourth quarter and year-end results for the period ended December 31, 2013.

Summary Highlights

  • Full year economic income and economic net income, non-GAAP measures, were $167.5 million and $103.4 million, or $1.15 per adjusted share
  • Assets under management ("AUM") at December 31, 2013 were $50.8 billion, compared with $49.1 billion at September 30, 2013
  • Revenue for the fourth quarter and full year increased 13% and 11% compared to 2012, to $98.2 million and $376.1 million, respectively
  • Manning & Napier Group, LLC distributed to its members $46.3 million in cash for the quarter and $140.4 million for the year, which included a special distribution of $15.0 million
  • New product seeding increased $10.5 million during the fourth quarter, which now totals approximately $30 million
  • Investment in key channels such as defined contribution and middle-market institutions will continue with a focus on product development, client-focused expertise and systems to support these efforts

Patrick Cunningham, Manning & Napier’s Chief Executive Officer, commented, “Adherence to our investment process and disciplines resulted in strong absolute and relative returns for our clients during 2013 as we continue to navigate volatile markets and economic uncertainties. Our commitment in 2014 and beyond will follow an approach that dates back to the origins of Manning & Napier, which has consistently delivered success to our clients during multiple market cycles. As macro and microeconomic risks rapidly evolve, we will continue to invest in people, products, systems and solutions to deliver sustained value to our clients and shareholders."

Fourth Quarter 2013 Financial Review

Manning & Napier reported fourth quarter 2013 revenue of $98.2 million, an increase of 13% from revenue of $87.1 million reported in the fourth quarter of 2012, and an increase of 4% from revenue of $94.6 million reported in the third quarter of 2013. The changes in revenue resulted primarily from increases in average AUM. Average AUM for the quarter was $50.0 billion, a 12% and 4% increase over average AUM for the fourth quarter 2012 and the third quarter of 2013, when average AUM was $44.5 billion and $48.0 billion, respectively. Revenue as a percentage of average AUM was 0.78% for the fourth quarter of 2013, which is consistent with both the fourth quarter of 2012 and the third quarter of 2013.

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