FAIRPORT, N.Y., May 10, 2022
/PRNewswire/ -- Manning & Napier, Inc. (NYSE: MN),
("Manning & Napier" or the "Company") today reported 2022 first
quarter results for the period ended March 31, 2022.
"The first quarter was challenging from the standpoint of
absolute, and to an extent, relative performance. Revenues declined
and expenses were inflated by one-time items, depressing earnings,"
commented Marc Mayer, Chairman of
the Board and Chief Executive Officer. "We look forward to the next
chapter at Manning & Napier as we work toward the completion of
our previously announced going private transaction and acquisition
by Callodine Group. Our focus remains executing for clients with
the same discipline as we have for the first 50+ years of our
history."
First Quarter 2022 Financial Review
Manning & Napier reported first quarter 2022 revenue of
$35.5 million, an increase of 4% from
revenue of $34.2 million reported in
the first quarter of 2021, and a decrease of approximately
$2.3 million, or 6%, from revenue of
$37.8 million reported in the fourth
quarter of 2021. These changes in revenue resulted primarily from
changes in average AUM over the same periods. Average AUM for the
quarter was $21.3 billion, a 4%
increase from the first quarter of 2021 and a 4% decrease from the
fourth quarter of 2021, when average AUM was $20.4 billion and $22.3 billion, respectively. Revenue as a
percentage of average AUM was 0.68% for the first quarter of 2022,
compared to 0.68% for the first quarter of 2021 and 0.67% for the
fourth quarter of 2021.
Total operating expenses for the first quarter of 2022 were
$34.5 million, an increase of
$6.5 million, or 23%, compared with
the first quarter of 2021, and an increase of $5.9 million, or 21% compared with the fourth
quarter of 2021 due to the factors described below.
Compensation and related costs were $20.7
million for the first quarter of 2022, an increase of
$1.8 million, or 10%, compared with
the first quarter of 2021 and an increase of $2.8 million, or 16%, compared with the fourth
quarter of 2021. The change in the current quarter compared to both
the first quarter and fourth quarters of 2021 was driven by the
impacts of the implementation of a deferred compensation plan
during the first quarter of 2021 and the corresponding one-time
savings during the initial year of implementation. The change in
the current quarter compared to the fourth quarter of 2021 is also
attributed to seasonality of payroll benefits. Compensation and
related costs as a percentage of revenue were 58% for the first
quarter of 2022, compared with 54% in the first quarter of 2021 and
47% for the fourth quarter of 2021.
Distribution, servicing and custody expenses for the first
quarter of 2022 decreased by $0.1
million, or 3% compared with the first quarter of 2021, and
decreased by $0.2 million, or 7%,
compared with the fourth quarter of 2021. The decrease in the
current quarter as compared to previous periods is generally in
line with the decrease in average assets.
Other operating costs for the first quarter of 2022 were
$11.5 million, an increase of
approximately $4.8 million, or 71%
compared with the first quarter of 2021, and an increase of
$3.3 million, or 40%, when compared
with the fourth quarter of 2021. The increase compared to both the
first quarter of 2021 and the fourth quarter of 2021 is driven
primarily by a $1.9 million non-cash
charge recorded in the current period for the impairment of
existing internal-use software as well as by increased professional
fees and other merger related costs. Other operating costs as a
percentage of revenue for the first quarter of 2022 were 32%,
compared to 20% for the first quarter of 2021 and 22% for the
fourth quarter of 2021.
Operating income was $1.1 million
for the first quarter of 2022, a decrease of approximately
$5.1 million from operating income of
$6.2 million for the first quarter of
2021, and a decrease of $8.2 million
from operating income of $9.2 million
for the fourth quarter of 2021. Operating margin for the first
quarter of 2022 was 3%, a decrease compared to 18% for the first
quarter of 2021 and 24% for the fourth quarter of 2021.
Non-operating loss was $0.6
million for the quarter, compared to income of $0.5 million and a loss of $0.1 million in the first quarter of 2021 and
fourth quarter of 2021, respectively. The first quarter of 2022
includes approximately $0.6 million
of net loss on investments held by the Company, compared to net
gains of $0.3 million in the first
quarter of 2021 and net gains of approximately $0.2 million in the fourth quarter of 2021.
Interest and dividend income for the first quarter of 2022 was less
than $0.1 million, compared to
$0.1 million in the first quarter of
2021 and $0.2 million in the fourth
quarter of 2021.
Income before provision for (benefit from) income taxes was
$0.5 million for the quarter,
compared to $6.7 million in the first
quarter of 2021 and $9.2 million in
the fourth quarter of 2021. The Company recognized a benefit from
income taxes of $0.7 million in the
first quarter of 2022, compared to a provision of $0.7 million in the first quarter of 2021 and
$1.5 million in the fourth quarter of
2021. The benefit recognized during the current quarter and the
reduction in the Company's effective tax rate compared to both the
first quarter and fourth quarter of 2021 is driven by the discrete
benefits received from the vesting of equity awards during the
first quarter of 2022, coupled with a reduction in earnings before
income taxes when compared to the respective periods.
Net income attributable to the controlling and the
non-controlling interests for the first quarter of 2022 was
$1.2 million, compared to
$6.0 million in the first quarter of
2021 and $7.7 million in the fourth
quarter of 2021. Net income attributable to Manning & Napier,
Inc. for the first quarter of 2022 was $1.2
million, or $0.06 per basic
and diluted share, compared to $5.2
million, or $0.31 per basic
and $0.26 per diluted share, in the
first quarter of 2021 and $7.4
million, or $0.40 per basic
and $0.34 per diluted share, in the
fourth quarter of 2021 and reflects the public ownership of the
Company's subsidiary, Manning & Napier Group. The remaining
ownership interest is attributable to the other members of Manning
& Napier Group.
On a Non-GAAP basis, as defined in the Non-GAAP Financial
Measures section of this release, Manning & Napier
reported first quarter 2022 Adjusted EBITDA of $3.1 million, compared to $6.9 million in the first quarter of 2021 and
$10.2 million in the fourth quarter
of 2021.
Assets Under Management
As of March 31, 2022, AUM was $20.6
billion, a decrease of 8% from $22.5
billion as of December 31, 2021 and a decrease of 2%
from $21.1 billion as of
March 31, 2021. The composition of the Company's AUM across
portfolios as of March 31, 2022 was 69% in blended assets, 26%
in equity, and 5% in fixed income, compared with 67% in blended
assets, 28% in equity, and 5% in fixed income as of
both December 31, 2021 and March 31, 2021. By channel,
the composition of the Company's AUM at March 31, 2022 was
approximately 44% in wealth management and 56% in institutional and
intermediary.
Since December 31, 2021, AUM decreased by $1.9 billion. This decrease in AUM was
attributable to $1.3 billion in
market depreciation as well as $0.6
billion in net client outflows. The net client outflows of
approximately $0.6 billion consisted
of wealth management net outflows of $0.1
billion, coupled with institutional and intermediary net
outflows of $0.5 billion. The
annualized separate account retention rate for the three months
ended March 31, 2022 was 91%, down from 96% for the rolling 12
months ended March 31, 2022. This decrease can be
attributed to a large termination in our institutional channel.
When compared to March 31, 2021, AUM decreased by
$0.5 billion from $21.1 billion. The $0.5
billion decrease in AUM from March 31, 2021 to
March 31, 2022 was attributable to market appreciation of
$0.6 billion, offset by net client
outflows of $1.1 billion. The net
client outflows of $1.1 billion
consisted of approximately $0.3
billion of net outflows in our wealth management sales
channel and $0.8 billion of net
outflows within our institutional and intermediary sales
channel.
Balance Sheet
Cash and cash equivalents, and investments totaled $88.8 million as of March 31, 2022, compared
to $98.1 million as of
December 31, 2021. The decrease in cash and cash equivalents
and investments of approximately $9.3
million during the quarter was primarily attributed to the
timing of accrued annual incentive compensation payments during the
first quarter, coupled with cash used of $1.7 million to satisfy tax withholding
requirements for equity awards and a $1.0
million first quarter dividend of $0.05 per share of Class A common stock.
Recent Developments
On March 31, 2022, we entered into
a definitive agreement to be acquired by an affiliate of Callodine
Group, LLC for $12.85 per share in an
all-cash transaction. We believe this proposed transaction creates
value for our stockholders while providing significant benefits to
all stakeholders. In light of the previously announced definitive
agreement to be acquired by Callodine Group, LLC the Company will
not host a conference call to discuss first quarter 2022 financial
results.
Non-GAAP Financial Measures
To provide investors with greater insight into operating
results, promote transparency, facilitate comparison of
period-to-period results, and to allow a more comprehensive
understanding of information used by management in its financial
and operational decision-making, the Company supplements its
consolidated statements of operations presented in accordance with
accounting principles generally accepted in the United States of America ("GAAP") with
non-GAAP financial measures of earnings. Please refer to the
schedule in this release for a reconciliation of non-GAAP financial
measures to GAAP measures.
Beginning with the release of our operating results for this
quarter, we have moved away from presenting economic income,
economic net income and economic net income per adjusted share as
supplemental non-GAAP measures. Given our current organizational
structure and that the strategic restructuring efforts initiated in
2019 are substantially complete, we believe that the non-GAAP
measure of Adjusted EBITDA is a more representative supplemental
measure of our results. Management uses Adjusted EBITDA as a
financial measure to evaluate the profitability and efficiency of
the Company's business in the ordinary, ongoing and customary
course of its operations. Adjusted EBITDA is not presented in
accordance with GAAP, and removes the impact of interest, taxes,
depreciation, amortization, and, if any, the net gain (loss) on the
tax receivable agreement ("TRA"). Adjusted EBITDA also adds back
net income (loss) attributable to the noncontrolling interests and
assumes all income of Manning & Napier Group, LLC is allocated
to the Company. Non-GAAP measures for prior periods have been
revised to conform to the current period presentation.
Investors should consider this non-GAAP financial measure in
addition to, and not as a substitute for, financial measures
prepared in accordance with GAAP. Additionally, the Company's
non-GAAP financial measures may differ from similar measures used
by other companies, even if similar terms are used to identify such
measures.
About Manning & Napier,
Inc.
Manning & Napier (NYSE: MN) provides a broad range of
investment solutions through separately managed accounts, mutual
funds, and collective investment trust funds, as well as a variety
of consultative services that complement our investment process.
Founded in 1970, we offer equity, fixed income and alternative
strategies, as well as a range of blended asset portfolios,
including life cycle funds. We serve a diversified client base of
high-net-worth individuals and institutions, including 401(k)
plans, pension plans, Taft-Hartley plans, endowments and
foundations. For many of these clients, our relationship goes
beyond investment management and includes customized solutions that
address key issues and solve client-specific problems. We are
headquartered in Fairport, NY and
had 275 employees as of March 31, 2022.
Safe Harbor Statement
This press release and other statements that the Company may
make may contain forward-looking statements within the meaning of
section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, which reflect the Company's
current views with respect to, among other things, its operations
and financial performance. Words like "believes," "expects," "may,"
"estimates," "will," "should," "intends," "plans," or "anticipates"
or the negative thereof or other variations thereon or comparable
terminology, are used to identify forward-looking statements,
although not all forward-looking statements contain these words.
Although the Company believes that it is basing its expectations
and beliefs on reasonable assumptions within the bounds of what it
currently knows about its business and operations, there can be no
assurance that its actual results will not differ materially from
what the Company expects or believes. Some of the factors that
could cause the Company's actual results to differ from its
expectations or beliefs include, without limitation: the delay in
or failure to consummate the proposed transaction with Callodine
Group; changes in our business related to the proposed transaction
with Collodine Group; changes in securities or financial markets or
general economic conditions, including as a result of the COVID-19
pandemic or political instability and uncertainty, such as the
Russian invasion of Ukraine;
inflation; changes in interest rates; a decline in the performance
of the Company's products; client sales and redemption activity;
any loss of an executive officer or key personnel; the Company's
ability to successfully deploy new technology platforms and
upgrades; changes of government policy or regulations; and other
risks discussed from time to time in the Company's filings with the
Securities and Exchange Commission.
Contacts
Investor Relations:
Emily Blum
Prosek Partners
973-464-5240
eblum@prosek.com
Public Relations:
Nicole
Kingsley Brunner
Manning & Napier, Inc.
85-325-6880
nbrunner@manning-napier.com
|
Manning &
Napier, Inc.
|
|
Consolidated
Statements of Operations
|
|
(in thousands,
except share data)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March 31,
2022
|
|
December 31,
2021
|
|
March 31,
2021
|
|
Revenues
|
|
|
|
|
|
|
|
Investment management
fees
|
|
$
30,827
|
|
$
32,850
|
|
$
29,676
|
|
Distribution and
shareholder servicing
|
|
2,082
|
|
2,250
|
|
2,153
|
|
Custodial
services
|
|
1,677
|
|
1,735
|
|
1,645
|
|
Other
revenue
|
|
963
|
|
981
|
|
677
|
|
Total
revenue
|
|
35,549
|
|
37,816
|
|
34,151
|
|
Expenses
|
|
|
|
|
|
|
|
Compensation and
related costs
|
|
20,707
|
|
17,919
|
|
18,874
|
|
Distribution, servicing
and custody expenses
|
|
2,280
|
|
2,451
|
|
2,358
|
|
Other operating
costs
|
|
11,477
|
|
8,205
|
|
6,710
|
|
Total operating
expenses
|
|
34,464
|
|
28,575
|
|
27,942
|
|
Operating
income
|
|
1,085
|
|
9,241
|
|
6,209
|
|
Non-operating income
(loss)
|
|
|
|
|
|
|
|
Non-operating income
(loss), net
|
|
(607)
|
|
(63)
|
|
458
|
|
Income before provision (benefit from) for income taxes
|
|
478
|
|
9,178
|
|
6,667
|
|
Provision for (benefit
from) income taxes
|
|
(746)
|
|
1,521
|
|
703
|
|
Net income attributable
to the controlling and the noncontrolling interests
|
|
1,224
|
|
7,657
|
|
5,964
|
|
Less: net income
attributable to the noncontrolling interests
|
|
38
|
|
220
|
|
724
|
|
Net income attributable
to Manning & Napier, Inc.
|
|
$
1,186
|
|
7,437
|
|
$
5,240
|
|
|
|
|
|
|
|
|
Net income per share
available to Class A common stock
|
|
|
|
|
|
|
|
Basic
|
|
$
0.06
|
|
$
0.40
|
|
$
0.31
|
|
Diluted
|
|
$
0.06
|
|
$
0.34
|
|
$
0.26
|
|
Weighted average shares
of Class A common stock outstanding
|
|
|
|
|
|
|
|
Basic
|
|
18,988,573
|
|
18,523,055
|
|
17,026,500
|
|
Diluted
|
|
21,551,937
|
|
22,142,862
|
|
20,273,343
|
|
Manning &
Napier, Inc.
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Non-GAAP Financial Measures to GAAP Measures
|
|
|
|
|
|
|
|
|
|
(in thousands,
except share data)
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
|
|
March 31,
2022
|
|
December 31,
2021
|
|
March 31,
2021
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Manning & Napier, Inc.
|
$
1,186
|
|
$
7,437
|
|
$
5,240
|
|
|
|
|
|
|
|
|
|
Add back: Net income
attributable to the noncontrolling interests
|
38
|
|
220
|
|
724
|
|
|
|
|
|
|
|
|
|
Add back: Provision for
(benefit from) income taxes
|
(746)
|
|
1,521
|
|
703
|
|
|
|
|
|
|
|
|
|
Income before
provision for (benefit from) income taxes
|
478
|
|
9,178
|
|
6,667
|
|
|
|
|
|
|
|
|
|
Add back: Interest
income and expense, net
|
(19)
|
|
(57)
|
|
(108)
|
|
|
|
|
|
|
|
|
|
Add back:
Depreciation
|
247
|
|
241
|
|
270
|
|
|
|
|
|
|
|
|
|
Add back: Amortization
(1)
|
2,374
|
|
417
|
|
104
|
|
|
|
|
|
|
|
|
|
EBITDA
|
3,080
|
|
9,779
|
|
6,933
|
|
|
|
|
|
|
|
|
|
Add back: Change in
liability under tax receivable agreement
|
-
|
|
392
|
|
-
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
(Non-GAAP)
|
3,080
|
|
10,171
|
|
6,933
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Amortization for the three months ended
March 31, 2022 includes a $1.9 million non-cash charge recorded for
the impairment of existing internal-use software.
|
|
Manning &
Napier, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets Under
Management ("AUM")
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months
ended:
|
|
Sales Channel
(4)
|
|
Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth
Management
|
|
Institutional
and
Intermediary
|
|
Total
|
|
Blended
Asset
|
|
Equity
|
|
Fixed
Income
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December
31, 2021
|
|
$
9,776.9
|
|
$
12,765.7
|
|
$
22,542.6
|
|
$
15,074.1
|
|
$ 6,374.4
|
|
$
1,094.1
|
|
$
22,542.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross client
inflows (1)
|
|
242.0
|
|
486.4
|
|
728.4
|
|
426
|
|
176.4
|
|
126
|
|
728.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross client outflows
(1)
|
|
(330.0)
|
|
(1,007.8)
|
|
(1,337.8)
|
|
(564.4)
|
|
(680.6)
|
|
(92.8)
|
|
(1,337.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market
appreciation/(depreciation) & other (2)
|
|
(514.1)
|
|
(769.9)
|
|
(1,284.0)
|
|
(823.4)
|
|
(418.2)
|
|
(42.4)
|
|
(1,284.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31,
2022
|
|
$
9,174.8
|
|
$
11,474.4
|
|
$
20,649.2
|
|
$
14,112.3
|
|
$ 5,452.0
|
|
$
1,084.9
|
|
$
20,649.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average AUM for
period
|
|
$
9,381.6
|
|
$
11,949.3
|
|
$
21,330.9
|
|
$
14,457.0
|
|
$
5,788.2
|
|
$ 1,085.7
|
|
$ 21,330.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30,
2021
|
|
$
9,480.3
|
|
$
12,495.9
|
|
$
21,976.2
|
|
$
14,674.8
|
|
$ 6,229.7
|
|
$
1,071.7
|
|
$
21,976.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross client inflows
(1)
|
|
223.9
|
|
461.2
|
|
685.1
|
|
443.8
|
|
156.9
|
|
84.4
|
|
685.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross client outflows
(1)
|
|
(295.8)
|
|
(661.4)
|
|
(957.2)
|
|
(575.8)
|
|
(317.1)
|
|
(64.3)
|
|
(957.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market
appreciation/(depreciation) & other (2)
|
|
368.5
|
|
470.0
|
|
838.5
|
|
531.3
|
|
304.9
|
|
2.3
|
|
838.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31,
2021
|
|
$
9,776.9
|
|
$
12,765.7
|
|
$
22,542.6
|
|
$
15,074.1
|
|
$ 6,374.4
|
|
$
1,094.1
|
|
$
22,542.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average AUM for
period
|
|
$
9,634.4
|
|
$
12,631.6
|
|
$
22,266.0
|
|
$
14,884.5
|
|
$
6,297.4
|
|
$ 1,084.1
|
|
$ 22,266.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31,
2020
|
|
$
8,906.4
|
|
$
11,213.0
|
|
$
20,119.4
|
|
$
13,558.8
|
|
$ 5,545.3
|
|
$
1,015.3
|
|
$
20,119.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross client inflows
(1)
|
|
224.8
|
|
401.6
|
|
626.4
|
|
379.8
|
|
187.6
|
|
59.0
|
|
626.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross client outflows
(1)
|
|
(305.3)
|
|
(453.5)
|
|
(758.8)
|
|
(501.2)
|
|
(200.1)
|
|
(57.5)
|
|
(758.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market
appreciation/(depreciation) & other (2)
(3)
|
|
391.6
|
|
761.2
|
|
1,152.8
|
|
701.1
|
|
449.8
|
|
1.9
|
|
1,152.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31,
2021
|
|
$
9,217.5
|
|
$
11,922.3
|
|
$
21,139.8
|
|
$
14,138.5
|
|
$ 5,982.6
|
|
$
1,018.7
|
|
$
21,139.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average AUM for
period
|
|
$
8,993.0
|
|
$
11,454.3
|
|
$
20,447.3
|
|
$
13,699.0
|
|
$
5,719.2
|
|
$ 1,029.1
|
|
$ 20,447.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Transfers of client assets between
portfolios are included in gross client inflows and gross client
outflows.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
Market appreciation/(depreciation) and
other includes investment gains/(losses) on assets under
management, the impact of changes in foreign exchange rates and net
flows from non-sales related activities including net reinvested
dividends.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
Beginning in 2021, AUM includes assets
associated with our model-delivery business, previously classified
as assets under advisement. These assets totaled $429.9 million at
December 31, 2020, which is included above in market appreciation
(depreciation) and other in the three months ended March 31,
2021.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4)
Assets under management and gross client
flows between sales channels have been estimated based upon
preliminary data. For a limited portion of our mutual fund
assets under management, reporting by sales channel is not
available at the time of this release. Such estimates have no
impact on total AUM, total cash flows, or AUM by investment
portfolio reported in the table above.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/manning--napier-inc-reports-first-quarter-2022-earnings-results-301542895.html
SOURCE Manning & Napier, Inc.