Manning & Napier Advisors
, whose profile has risen thanks to its lifecycle mutual fund beating the S&P 500 every year
since 1999, appointed Patrick Cunningham
as CEO and Jeff Coons
Wednesday's appointment marks a change for the Fairport, New York-based firm, which has been run by a five-person executive group since 2003. Company officials called the move "a direct response to the firm's recent growth."
Manning & Napier, which is celebrating its 40th anniversary this year, saw its total AUM hit a record $30 billion. Mutual fund and collective investment trust assets are more than $13 billion, compared to under $2 billion in 2004.
Cunningham has been with the company since 1992 and was most recently co-director of the firm's executive group and managing director of client relations.
The press release issued by the firm did not say who will handle his client relations duties.
Coons, currently co-director of research, will continue in that role.
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