Manning & Napier, Inc. (NYSE:MN), (“Manning & Napier” or “the Company”) today reported 2014 first quarter results for the period ended March 31, 2014.
- Economic income and economic net income, non-GAAP measures, were $44.7 million and $27.6 million, or $0.31 per adjusted share, inclusive of a $0.02 per adjusted share one-time benefit from changes in enacted tax laws
- Assets under management ("AUM") at March 31, 2014 were $52.2 billion, compared with $50.8 billion at December 31, 2013
- Revenue for the first quarter increased 9% year-over-year to $98.5 million and was virtually unchanged from the prior quarter
- Manning & Napier Group, LLC distributed to its members $31.3 million in cash for the quarter, resulting in a $0.16 per share first quarter dividend
- The Company announced the acquisition of 2100 Xenon Group, LLC, an alternative investment manager, to enhance product diversification and provide additional investment solutions to clients
Patrick Cunningham, Manning & Napier’s Chief Executive Officer, commented, “Continuing the momentum we saw in the second half of 2013, our first quarter results are characteristic of our active approach to security selection, which delivered strong absolute and relative performance across our equity and life cycle strategies. This commitment to active management is strengthened by our planned acquisition of 2100 Xenon Group, providing our clients with an offering in the alternatives sector that can address current market risks such as the potential for rising interest rates and continued market volatility. As we look ahead, we remain focused on the same core principles you have heard us address since our IPO. These include pursuing strong risk-adjusted results, continuous product development and diversification, and ongoing investments in client services and infrastructure, all designed to drive long-term growth for our clients and shareholders."