Manning & Napier (NYSE:MN) is an investment management financial institution. The company offers mutual funds, collective trust funds, and separately managed accounts. Manning & Napier makes money by charging fees as well as by taking a percentage of returns of the funds it manages. Manning & Napier has a focus on managing and advising the retirement and health plans and employers. The company offers consulting and technology services to help employers to actively manage and tailor such plans for large numbers of employees
For the full year 2010, MN reported a total revenue of $255.5M. For the 9 months ended in September 2011, the company's total revenue was $249.6M. For 2010, the net income was $53.1M, while the net income for the first 9 months of 2011 was $73.2.
The company's initial public offering of stock on the NYSE occurred on November 17, 2011. The company offered 12.5M shares each for $12. This was beneath the $15-$17 price range. The deal raised a total of $150M. The lead mangers of the deal were BofA Merrill Lynch and JP Morgan.
Manning & Napier competes with a large number of financial institutions ranging from investment banks to commercial banks. This competition is particularly acute during periods of economic downturn. During these times, asset managers all struggle to increase or even maintain their Assets Under Management (AUM). In order to remain competitive in such a landscape, Manning & Napier must be able to differentiate themselves from the much larger, more well known names in the industry.