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Rating:Bill Gross' Paycheck Was Number Two Not Rated 5.0 Email Routing List Email & Route  Print Print
Thursday, August 02, 2012

Bill Gross' Paycheck Was Number Two

Reported by Chris Cumming

Suddenly the $200 million that Bill Gross reportedly took home from Pimco last year doesn't look so impressive. William Manning, chairman and co-founder of Manning & Napier [profile], banked over $362 million in 2011, according to a proxy statement filed with the SEC.

The total market cap for the publicly traded money manager, by contrast, is $172 million.

Manning & Napier did not respond to MFWire's request for comment.

So, how did Manning's compensation break down?

The largest portion of Manning's pay was 17.75 million shares of M&N Group Holdings that Manning was granted to consummate Manning & Napier's reorganization during its IPO last November. These shares vested at $213 million.

Manning also received $92.3 million in cash distributions from the income of Manning & Napier's related companies. As part of the IPO, Manning & Napier bought its stock from M&N Group Holdings, which then transferred the cash to its directors, netting Manning another $53.3 million.

He also took home a salary of $1.4 million. And he received almost $75,000 in miscellaneous benefits, comprising health-premium payments, tax-compliance services, and a company contribution to his 401(k) of $14,044.

Finally, Manning & Napier's most recent 10-K shows that over the last three years the company has paid Manning about $200,000 for the use of his private plane.

Manning's compensation stands in contrast to his company's recent performance.

Last year, Manning & Napier reported a net loss of $106 million, though the company reported an "economic net income," their preferred calculation, of $96.8 million. The company's stock is trading at around $12.50, above its $12 IPO price. Shares traded above $13.50 prior to its release of second-quarter results yesterday.

Even after the IPO, Manning remains the controlling shareholder in the firm through his 100 percent ownership of Class B shares issued to him immediately prior to the IPO. According to the company's latest 10-K, he has a 50.2 percent voting right in the publicly traded Manning & Napier, Inc., but no economic interest in the company. He does, however, control shares in Manning & Napier's related companies.

All told, Manning's take in 2011 was up significantly from 2010, largely thanks to the IPO. In 2010 he made a relatively modest $80.5 million, $79 million of which was cash distributions from companies related to Manning & Napier.

The next most highly compensated member of the Manning & Napier management team was vice chairman and executive VP B. Reuben Auspitz, who brought home approximately $29.5 million. 

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