FAIRPORT, N.Y., Aug. 9, 2022
/PRNewswire/ -- Manning & Napier, Inc. (NYSE:
MN), ("Manning & Napier" or the "Company") today
reported 2022 second quarter results for the period ended
June 30, 2022.
"Broad and significant declines across capital markets globally
continued in the second quarter, pressuring revenues and causing
mark-to-market declines in securities held on the balance sheet,"
commented Marc Mayer, Chairman of
the Board and Chief Executive Officer of Manning & Napier. "We
are managing our expenses thoughtfully and we are entirely focused
on delivering excellent results and superior service for our
clients."
Mr. Mayer added, "We are progressing toward the completion of
our previously announced process of going private and being
acquired by Callodine Group, and we look forward to embarking on
this next phase at Manning & Napier."
Second Quarter 2022 Financial Review
Manning & Napier reported second quarter 2022 revenue
of $33.8 million, a decrease of 6%
from revenue of $36.1 million
reported in the second quarter of 2021, and a decrease of
approximately $1.8 million, or 5%,
from revenue of $35.5 million
reported in the first quarter of 2022. These changes in revenue
resulted primarily from changes in average AUM over the same
periods. Average AUM for the quarter was $19.5 billion, an 11% decrease from the second
quarter of 2021 and an 8% decrease from the first quarter of 2022,
when average AUM was $21.8 billion and $21.3 billion, respectively. Revenue as a
percentage of average AUM was 0.69% for the second quarter of 2022,
compared to 0.66% for the second quarter of 2021 and 0.68% for the
first quarter of 2022.
Total operating expenses for the second quarter of 2022 were
$26.7 million, a decrease of
$1.6 million, or 6%, compared with
the second quarter of 2021, and a decrease of $7.8 million, or 23% compared with the first
quarter of 2022 due to the factors described below.
Compensation and related costs were $14.5
million for the second quarter of 2022, a decrease of
$3.8 million, or 21%, compared with
the second quarter of 2021 and a decrease of $6.2 million, or 30%, compared with the first
quarter of 2022. The change in the current quarter compared to both
the prior quarter and first quarter of 2021 was mainly driven by
our response to the year to date market volatility and its impact
to AUM and revenue. This decrease, when compared to the second
quarter of 2021, is partially offset by the savings realized in the
prior year resulting from the implementation of our deferred
compensation program in 2021. Compensation and related costs as a
percentage of revenue were 43% for the second quarter of 2022,
compared with 51% in the second quarter of 2021 and 58% for the
first quarter of 2022.
Distribution, servicing and custody expenses for the second
quarter of 2022 decreased by $0.3
million, or 13% compared with the second quarter of
2021. The expense decreased due to a decrease in average mutual
fund and collective trust AUM, and as a result of business mix
generally trending towards asset classes that do not have a
distribution fee attached. Distribution, servicing and custody
expenses decreased by $0.1 million,
or 5%, compared with the first quarter of 2022, generally in line
with the decrease in average assets.
Other operating costs for the second quarter of 2022 were
$10.0 million, an increase of
approximately $2.5 million, or 34%
compared with the second quarter of 2021, and a decrease of
$1.5 million, or 13%, when compared
with the first quarter of 2022. The increase compared to the second
quarter of 2021 includes costs to support our technology
initiatives as well as increased professional fees and other merger
related costs. The decrease compared to the first quarter of 2022
is due primarily to the $1.9 million
non-cash charge recorded during that quarter for the impairment of
existing internal-use software. Other operating costs as a
percentage of revenue for the second quarter of 2022 were 30%,
compared to 21% for the second quarter of 2021 and 32% for the
first quarter of 2022.
Operating income was $7.1 million
for the second quarter of 2022, a decrease of approximately
$0.7 million from operating income of
$7.8 million for the second quarter
of 2021, and an increase of $6.0
million from operating income of $1.1
million for the first quarter of 2022. Operating margin for
the second quarter of 2022 was 21%, a decrease compared to 22% for
the second quarter of 2021 and an increase from 3% for the first
quarter of 2022.
Non-operating loss, which for each period is comprised primarily
of net gains or losses on investments, was $2.6 million for the quarter, compared to income
of $0.3 million and a loss of
$0.6 million in the second quarter of
2021 and first quarter of 2022, respectively.
Income before provision for (benefit from) income taxes was
$4.5 million for the quarter,
compared to $8.0 million in the
second quarter of 2021 and $0.5
million in the first quarter of 2022. The Company recognized
a provision for income taxes of $2.1
million in the second quarter of 2022, compared to a
provision of $1.3 million in the
second quarter of 2021 and a benefit from income taxes of
$0.7 million in the first quarter of
2022. The increase in the current quarter over both the second
quarter of 2021 and the first quarter of 2022 is driven primarily
by the discrete income tax benefits received from the vesting of
equity awards during the first quarter of 2022 and the exercise of
stock options during the second quarter of 2021, coupled with
changes in pre-tax earnings among the comparative periods.
Net income attributable to the controlling and the
non-controlling interests for the second quarter of 2022 was
$2.4 million, compared to
$6.7 million in the second quarter of
2021 and $1.2 million in the first
quarter of 2022. Net income attributable to Manning & Napier,
Inc. for the second quarter of 2022 was $2.3
million, or $0.12 per basic
and $0.11 per diluted share, compared
to $5.9 million, or $0.35 per basic and $0.29 per diluted share, in the second quarter of
2021 and $1.2 million, or
$0.06 per basic and diluted share, in
the first quarter of 2022 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 second quarter 2022 Adjusted EBITDA of $5.2 million, compared to $8.7 million in the second quarter of 2021 and
$3.1 million in the first quarter of
2022.
Six months ended June 30, 2022 Financial Review
Manning & Napier reported 2022 year-to-date revenue of
$69.3 million, a decrease of 1% from
revenue of $70.2 million reported in
the same period in 2021. This decrease was driven by changes in
average AUM, which decreased by 4% from the prior year to
$20.4 billion in 2022. Revenue as a
percentage of average AUM was 0.69% and 0.67% for the six months
ended June 30, 2022 and 2021, respectively.
Total operating expenses for 2022 year-to-date were $61.2 million, an increase of $4.9 million, or 9%, when compared to the same
period in 2021.
Compensation and related costs for the six months ended
June 30, 2022 decreased by
$2.0 million, or 5%, when compared to
the same period in 2021. This change was mainly driven by our our
response to the year to date market volatility and its impact to
AUM and revenue offset by the savings realized in the prior year
resulting from the implementation of our deferred compensation
program in 2021. Compensation and related costs as a percentage of
revenue were 51% for 2022 compared to 53% in 2021.
Distribution, servicing and custody expenses for 2022
year-to-date decreased by $0.4
million, or 8%, from the same period in 2021. The expense
decreased due to a decrease in average mutual fund and collective
trust AUM, and as a result of business mix generally trending
towards asset classes that do not have a distribution fee
attached.
Other operating costs for 2022 year-to-date increased by
$7.3 million as compared to 2021,
driven primarily by a $1.9 million
non- cash charge recorded in the first quarter of 2022 for the
impairment of capitalized costs in connection with hosted software
arrangements as well as increased professional fees and other costs
incurred to support our digital transformation. Other operating
costs as a percentage of revenue were 31% for 2022, compared with
20% in 2021.
Operating income was $8.2 million
for 2022 year-to-date, a decrease of $5.8
million, or 41%, from $14.0
million in 2021. Operating margin for 2022 was 12% compared
to 20% in 2021.
Non-operating loss, which for each period is comprised primarily
of net gains or losses on investments, was $3.2 million for 2022, a decrease of
approximately $3.9 million from
non-operating income of $0.7 million
for 2021. Also included in non-operating loss for 2022 was income
of less than $0.1 million, compared
to an expense of $0.2 million
recognized for 2021, related to changes in the Company's expected
tax benefits under the tax receivable agreement with the other
holders of units of Manning & Napier Group and the
corresponding changes in the payment of such benefits.
Income before provision for income taxes was $5.0 million for 2022 year-to-date, compared to
$14.7 million in 2021, a 66%
decrease. The Company recognized a provision for income taxes of
$1.3 million for 2022 compared to
$2.0 million in 2021. This change is
driven by a reduction in earnings before income taxes during the
six months ended June 30, 2022
compared to the same period in 2021. This change is also offset by
less income tax benefits received from the vesting of equity awards
and exercise of stock options during during six months ended
June 30, 2022 compared to the same
period in 2021.
Net income attributable to the controlling and the
non-controlling interests was $3.7
million and $12.7 million for
the six months ended June 30, 2022
and 2021, respectively. Net income attributable to Manning &
Napier, Inc. for 2022 was $3.5
million, or $0.19 per basic
and $0.16 per diluted share, compared
to $11.2 million, or $0.65 per basic and $0.55 diluted share in 2021.
On a Non-GAAP basis, as defined in the Non-GAAP Financial
Measures section of this release, Manning & Napier
reported Adjusted EBITDA of $8.3
million for the six months ended June 30, 2022,
compared to $15.6 million in
2021.
Assets Under Management
As of June 30, 2022, AUM was $18.5
billion, a decrease of 11% from $20.6
billion as of March 31, 2022 and a decrease of 17% from
$22.3 billion as of June 30,
2021. The composition of the Company's AUM across portfolios as of
June 30, 2022 was 69% in blended assets, 25% in equity, and 6%
in fixed income, compared with 69% in blended assets, 26% in
equity, and 5% in fixed income as of March 31, 2022 and 67% in
blended assets, 28% in equity, and 5% in fixed income as of
June 30, 2021. By channel, the composition of the Company's
AUM at June 30, 2022 was approximately 44% in wealth
management and 56% in institutional and intermediary.
Since March 31, 2022, AUM decreased by $2.2 billion. This decrease in AUM was
attributable to $2.1 billion in
market depreciation as well as $0.1
billion in net client outflows. The net client outflows of
approximately $0.1 billion consisted
of wealth management net outflows of $0.2
billion, offset by institutional and intermediary net
inflows of approximately $0.1
billion. The annualized separate account retention rate for
the three months ended June 30, 2022 was 94%, slightly down
from 96% for the rolling 12 months ended June 30,
2022.
When compared to June 30, 2021, AUM decreased by
$3.8 billion from $22.3 billion. The $3.8
billion decrease in AUM from June 30, 2021 to
June 30, 2022 was attributable to market depreciation of
$2.6 billion as well as net client
outflows of $1.2 billion. The net
client outflows of $1.2 billion
consisted of approximately $0.4
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 $96.4 million as of June 30, 2022, compared
to $88.8 million as of March 31,
2022. The increase in cash and cash equivalents and investments of
approximately $7.6 million during the
quarter was primarily attributed to net income during the quarter
and the timing of annual incentive compensation payments. This
increase was partially offset by the $1.0
million second 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.
Stockholders approved the Callodine transaction on August 3, 2022 and the acquisition is expected to
close in the third quarter of 2022.
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 second 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 the
first quarter of 2022, 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 June 30, 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," or "should," 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 Callodine 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.
585-325-6880
nbrunner@manning-napier.com
|
Manning &
Napier, Inc.
|
|
Consolidated
Statements of Operations
|
|
(in thousands,
except share data)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June 30,
2022
|
|
March 31,
2022
|
|
June 30,
2021
|
|
June 30,
2022
|
|
June 30,
2021
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
Investment management
fees
|
|
$
29,292
|
|
$
30,827
|
|
$
31,252
|
|
$
60,119
|
|
$
60,928
|
|
Distribution and
shareholder servicing
|
|
1,945
|
|
2,082
|
|
2,236
|
|
4,027
|
|
4,389
|
|
Custodial
services
|
|
1,588
|
|
1,677
|
|
1,721
|
|
3,265
|
|
3,366
|
|
Other
revenue
|
|
972
|
|
963
|
|
868
|
|
1,935
|
|
1,545
|
|
Total
revenue
|
|
33,797
|
|
35,549
|
|
36,077
|
|
69,346
|
|
70,228
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and
related costs
|
|
14,542
|
|
20,707
|
|
18,347
|
|
35,249
|
|
37,221
|
|
Distribution, servicing
and custody expenses
|
|
2,177
|
|
2,280
|
|
2,497
|
|
4,457
|
|
4,855
|
|
Other operating
costs
|
|
9,973
|
|
11,477
|
|
7,463
|
|
21,450
|
|
14,173
|
|
Total operating
expenses
|
|
26,692
|
|
34,464
|
|
28,307
|
|
61,156
|
|
56,249
|
|
Operating
income
|
|
7,105
|
|
1,085
|
|
7,770
|
|
8,190
|
|
13,979
|
|
Non-operating income
(loss)
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income
(loss), net
|
|
(2,601)
|
|
(607)
|
|
256
|
|
(3,208)
|
|
714
|
|
Income before provision
for (benefit from) income taxes
|
|
4,504
|
|
478
|
|
8,026
|
|
4,982
|
|
14,693
|
|
Provision for (benefit
from) income taxes
|
|
2,064
|
|
(746)
|
|
1,285
|
|
1,318
|
|
1,988
|
|
Net income attributable
to the controlling and the noncontrolling interests
|
|
2,440
|
|
1,224
|
|
6,741
|
|
3,664
|
|
12,705
|
|
Less: net income
attributable to the noncontrolling interests
|
|
96
|
|
38
|
|
816
|
|
134
|
|
1,540
|
|
Net income attributable
to Manning & Napier, Inc.
|
|
$
2,344
|
|
$
1,186
|
|
$
5,925
|
|
$
3,530
|
|
$
11,165
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share
available to Class A common stock
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
0.12
|
|
$
0.06
|
|
$
0.35
|
|
$
0.19
|
|
$
0.65
|
|
Diluted
|
|
$
0.11
|
|
$
0.06
|
|
$
0.29
|
|
$
0.16
|
|
$
0.55
|
|
Weighted average shares
of Class A common stock outstanding
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
19,124,332
|
|
18,988,573
|
|
16,956,265
|
|
19,056,827
|
|
16,991,188
|
|
Diluted
|
|
21,833,563
|
|
21,551,937
|
|
20,314,285
|
|
21,730,594
|
|
20,290,914
|
|
Manning &
Napier, Inc.
|
|
Reconciliation of
Non-GAAP Financial Measures to GAAP Measures
|
|
(in thousands,
except share data)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June 30,
2022
|
|
March 31,
2022
|
|
June 30,
2021
|
|
June 30,
2022
|
|
June 30,
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Manning & Napier, Inc.
|
|
$
2,344
|
|
$
1,186
|
|
$
5,925
|
|
$
3,530
|
|
$
11,165
|
|
Add back: Net income
attributable to the noncontrolling interests
|
|
96
|
|
38
|
|
816
|
|
134
|
|
1,540
|
|
Add back:
Provision for (benefit from) income taxes
|
|
2,064
|
|
(746)
|
|
1,285
|
|
1,318
|
|
1,988
|
|
Income before
provision for (benefit from) income taxes
|
|
4,504
|
|
478
|
|
8,026
|
|
4,982
|
|
14,693
|
|
Add back: Interest
income and expense, net
|
|
84
|
|
(19)
|
|
(74)
|
|
65
|
|
(183)
|
|
Add back:
Depreciation
|
|
185
|
|
247
|
|
246
|
|
432
|
|
517
|
|
Add back: Amortization
(1)
|
|
446
|
|
2,374
|
|
248
|
|
2,820
|
|
352
|
|
EBITDA
|
|
5,219
|
|
3,080
|
|
8,446
|
|
8,299
|
|
15,379
|
|
Add back: Change in
liability under tax receivable agreement
|
|
(11)
|
|
—
|
|
228
|
|
(11)
|
|
228
|
|
Adjusted
EBITDA
|
|
$
5,208
|
|
$
3,080
|
|
$
8,674
|
|
$
8,288
|
|
$
15,607
|
|
1.
|
Amortization for the
three months ended March 31, 2022 and six months ended June 30,
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 March 31,
2022
|
|
$
9,174.8
|
|
$
11,474.4
|
|
$
20,649.2
|
|
$
14,112.3
|
|
$ 5,452.0
|
|
$
1,084.9
|
|
$
20,649.2
|
|
|
Gross client inflows
(1)
|
|
173.7
|
|
572.3
|
|
746.0
|
|
286.4
|
|
248.2
|
|
211.4
|
|
746.0
|
|
|
Gross client outflows
(1)
|
|
(389.5)
|
|
(489.4)
|
|
(878.9)
|
|
(504.5)
|
|
(266.8)
|
|
(107.6)
|
|
(878.9)
|
|
|
Market
appreciation/(depreciation) & other (2)
|
|
(828.1)
|
|
(1,233.3)
|
|
(2,061.4)
|
|
(1,269.4)
|
|
(764.6)
|
|
(27.4)
|
|
(2,061.4)
|
|
|
As of June 30,
2022
|
|
$
8,130.9
|
|
$
10,324.0
|
|
$
18,454.9
|
|
$
12,624.8
|
|
$ 4,668.8
|
|
$
1,161.3
|
|
$
18,454.9
|
|
|
Average AUM for
period
|
|
$
8,617.5
|
|
$
10,904.4
|
|
$
19,521.9
|
|
$
13,331.2
|
|
$ 5,058.1
|
|
$
1,132.6
|
|
$ 19,521.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
426.0
|
|
176.4
|
|
126.0
|
|
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 March 31,
2021
|
|
$
9,217.5
|
|
$
11,922.3
|
|
$
21,139.8
|
|
$
14,138.5
|
|
$ 5,982.6
|
|
$
1,018.7
|
|
$
21,139.8
|
|
|
Gross client inflows
(1)
|
|
216.6
|
|
570.7
|
|
787.3
|
|
543.7
|
|
183.2
|
|
60.4
|
|
787.3
|
|
|
Gross client outflows
(1)
|
|
(295.2)
|
|
(553.8)
|
|
(849.0)
|
|
(572.5)
|
|
(242.7)
|
|
(33.8)
|
|
(849.0)
|
|
|
Market
appreciation/(depreciation) & other (2)
|
|
474.6
|
|
708.8
|
|
1,183.4
|
|
758.9
|
|
410.8
|
|
13.7
|
|
1,183.4
|
|
|
As of June 30,
2021
|
|
$
9,613.5
|
|
$
12,648.0
|
|
$
22,261.5
|
|
$
14,868.6
|
|
$ 6,333.9
|
|
$
1,059.0
|
|
$
22,261.5
|
|
|
Average AUM for
period
|
|
$
9,467.4
|
|
$
12,373.0
|
|
$
21,840.4
|
|
$
14,562.2
|
|
$ 6,240.3
|
|
$
1,037.9
|
|
$ 21,840.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the six 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)
|
|
415.7
|
|
1,058.7
|
|
1,474.4
|
|
712.4
|
|
424.6
|
|
337.4
|
|
1,474.4
|
|
|
Gross client outflows
(1)
|
|
(719.5)
|
|
(1,497.2)
|
|
(2,216.7)
|
|
(1,068.9)
|
|
(947.4)
|
|
(200.4)
|
|
(2,216.7)
|
|
|
Market
appreciation/(depreciation) & other (2)
|
|
(1,342.2)
|
|
(2,003.2)
|
|
(3,345.4)
|
|
(2,092.8)
|
|
(1,182.8)
|
|
(69.8)
|
|
(3,345.4)
|
|
|
As of June 30,
2022
|
|
$
8,130.9
|
|
$
10,324.0
|
|
$
18,454.9
|
|
$
12,624.8
|
|
$ 4,668.8
|
|
$
1,161.3
|
|
$
18,454.9
|
|
|
Average AUM for
period
|
|
$
8,974.6
|
|
$
11,420.0
|
|
$
20,394.6
|
|
$
13,863.0
|
|
$ 5,419.0
|
|
$
1,112.6
|
|
$ 20,394.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
441.4
|
|
972.3
|
|
1,413.7
|
|
923.5
|
|
370.8
|
|
119.4
|
|
1,413.7
|
|
|
Gross client outflows
(1)
|
|
(600.5)
|
|
(1,007.3)
|
|
(1,607.8)
|
|
(1,073.7)
|
|
(442.8)
|
|
(91.3)
|
|
(1,607.8)
|
|
|
Market
appreciation/(depreciation) & other (2)
(3)
|
|
866.2
|
|
1,470.0
|
|
2,336.2
|
|
1,460.0
|
|
860.6
|
|
15.6
|
|
2,336.2
|
|
|
As of June 30,
2021
|
|
$
9,613.5
|
|
$
12,648.0
|
|
$
22,261.5
|
|
$
14,868.6
|
|
$ 6,333.9
|
|
$
1,059.0
|
|
$
22,261.5
|
|
|
Average AUM for
period
|
|
$
9,232.0
|
|
$
11,929.7
|
|
$
21,161.7
|
|
$
14,159.4
|
|
$ 5,967.4
|
|
$
1,034.9
|
|
$ 21,161.7
|
|
|
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 six
months ended June 30, 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-second-quarter-2022-earnings-results-301601932.html
SOURCE Manning & Napier, Inc.
