A 50-year-old mutual fund firm is awaiting COVID-19 crisis support from the federal government.
Yesterday the Manning & Napier
] team revealed
that they expect
to receive $6.7 million in loan assistance in the coming weeks. Two Manning subsidiaries, Manning & Napier Advisors and Rainier Investment Management, applied for the loans early this month under the Paycheck Protection Program (PPP
), under the Coronavirus Aid, Relief, and Economic Security (CARES
Fairport, New York-based Manning will be able to use the money to help meet payroll and pay rent until June 30.
"The company has prioritized the health and well-being of its employees and their families, and the protection of clients' wealth throughout the COVID-19 pandemic," the Manning team writes. "These steps will provide the Company with additional financial flexibility and allow employees to focus on providing investment excellence and high-quality client service during this period of uncertaint."
As of March 31
, the Manning team had $17.1 billion in AUM: about $12.2 billion in SMAs and about $4.9 billion in mutual funds and CITs.
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