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Friday, July 08, 2011|
A New York Asset Manager Files for an IPO
Another mutual fund firm wants to go public. A week ago Manning & Napier [see filing] filed its initial S-1 with the SEC, with no specific target date, number of shares or pricing for its initial public offering [see filing]. Bank of America Merrill Lynch is listed as the underwriter.
Morningstar, Pensions & Investments, Reuters, the Rochester Business Journal and the Rochester Democrat and Chronicle all covered the news.
So why is Manning & Napier going public? Morningstar speculates that "estate-planning purposes could be a factor," as 74-year-old founder and chairman Bill Manning is the Rochester, New York-based firm's largest shareholder. Yet Morningstar isn't worried, for it offered praise of Manning's "investor-friendly compensation plan."
Founded in 1970, the firm boasted about $43 billion in assets under management as of March 31, 2011, including about $17 billion in mutual funds, including 414 employees (48 of whom are shareholders). Last year it took in $255.5 million in revenue, almost 0.6 percent of AUM, and netted $53.1 million in income. Its adjusted EBITDA was $116.4 million. Patrick Cunningham and Jeff Coons took over last year as CEO and president, respectively.
The firm's profile has risen substantially within the last several years, thanks at least in part to the success of its Manning & Napier Pro Blend Maximum Term Series, an aggressive asset allocation fund that had beaten the S&P 500 11 years in a row as of early 2010.
Manning isn't the only fund firm currently preparing to IPO. In April Milwaukee-based Artisan Partners filed its S-1. And last month Los Angeles-based Oaktree Capital Management also filed to go public.
Company Press Release
Printed from: MFWire.com/story.asp?s=37265
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