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Tuesday, April 19, 2016|
As Manning Buys Rainier, Another Buyer Snaps Up a Piece
Even as Manning & Napier prepares to buy a majority of Rainier Investment Management [profile], another mutual fund shop is swooping in to buy a piece.
A spokeswoman for Manning declined to comment on the deal. In December Fairport, New York-based Manning unveiled a deal to buy 75 percent of Seattle-based Rainier this quarter. At the time, Manning CEO Patrick Cunningham said that he didn't plan to make any "changes to either firm's investment personnel or processes."
Meanwhile, the Angel Oak deal will transform the Rainier High Yield Fund into the new Angel Oak High Yield Opportunities Fund.
David Silvera, director of corporate development at Angel Oak, states that the Rainier deal "signals the next step in the evolution of Angel Oak's business and product development."
"We are expanding the way we serve clients through adjacent product development," Silvera states.
Angel Oak had about $5.5 billion in AUM as of March 31.
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