Manning & Napier

Last updated
Manning & Napier, Inc.
Company type Private
(2011–2022)
Founded1970;54 years ago (1970)
Founders
  • William Manning
  • William Napier
Headquarters Fairport, New York, U.S.
Key people
Marc O. Mayer
(Chairman & CEO)
Paul J. Battaglia
(CFO)
Christopher Briley
(CTO)
RevenueDecrease2.svg US$136 million (2019)
Decrease2.svg US$2.71 million (2019)
Decrease2.svg US$1.43 million (2019)
AUM Decrease2.svg US$19.48 billion (2019)
Number of employees
c.300 (2019)
Website www.manning-napier.com
Footnotes /references
[1]

Manning & Napier is an investment firm based in Fairport, New York with $20 billion in assets under management. It was traded on NYSE as MN. It has approximately 300 employees as of December 2019. [2]

The company was founded in 1970 by William Manning and William J. Napier. [3] After the 1973 discovery of large-scale insurance fraud at Equity Funding, Manning & Napier and three other advisory companies were censured for insider trading; William Manning had quickly sold the stock after learning of the fraud on March 26, 1973. [4] [5] [6]

Manning & Napier had over $20 million in assets under management for nearly 100 clients in March 1973. [6]

In April 2020, the company received $6.7 million in federally backed small business loans as part of the Paycheck Protection Program. The company received scrutiny over this loan, which meant to protect smaller businesses and ensure they could continue to pay their employees during the COVID-19 pandemic. The New York Times noted PP applicants were not required to prove they were under financial strain and CEO Marc O. Mayer's annual compensation was $5 million. Days after the PPP loan was announced, the company announced they would be paying a dividend to shareholders. On the following day, Manning & Napier stated they were returning the PPP funds. [7] [2]

On April 1, 2022 it was announced that Manning & Napier Inc. would be acquired and taken private by Callodine Group LLC of Boston. [8]

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References

  1. - Manning-Napier.com
  2. 1 2 "EX-99.1". sec.gov. Retrieved 29 April 2020.
  3. "Manning & Napier, Inc. to Report First Quarter Results; Announces March 31, 2020 Assets Under Management | Manning & Napier Inc". Manning & Napier Inc. Retrieved 29 April 2020.
  4. Gillis, John G. (1978). "Securities Law and Regulation: Equity Funding Revisited: Once Again". Financial Analysts Journal. CFA Institute. 34 (6): 6–76. ISSN   0015-198X. JSTOR   4478185 . Retrieved 2021-08-12.
  5. "S.E.C. TO SEEK 'SANCTIONS' IN EQUITY FUNDING CASE (Published 1977)". The New York Times . 1 February 1977. Retrieved 12 August 2021.
  6. 1 2 David J. Markun (1 September 1978). "ADMINISTRATIVE PROCEEDING FILE NO. 3-5068" (PDF). sec.gov. Retrieved 12 August 2021. That Manning acted with unusual dispatch in selling EFCA holdings following his two phone conversations is evident from the fact that he had a clerical employee who did not customarily execute securities transactions make the sales rather than awaiting the return at 1:00 p.m. from lunch of his assistant calvert~5~ho normally executed securities transactions for the firm.
  7. Silver-Greenberg, Jessica; Enrich, David; Drucker, Jesse; Cowley, Stacy (26 April 2020). "Large, Troubled Companies Got Bailout Money in Small-Business Loan Program". The New York Times . Retrieved 28 April 2020.
  8. "Manning & Napier to Go Private and Be Acquired by Callodine Group, Driving Next Phase of Growth for the Preeminent Regional Investment Manager". PR Newswire. Retrieved 2022-12-08.