MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, August 2, 2012 Bill Gross' Paycheck Was Number Two 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. Printed from: MFWire.com/story.asp?s=40827 Copyright 2012, InvestmentWires, Inc. All Rights Reserved |