Manning & Napier
has had a rough couple of years, and the new CEO is still making cuts.
| Marc Mayer|
Manning & Napier, Inc.
(who took over
at the end of January as CEO and told MFWire
] had become a "broad, flat organization") tells Pensions & Investments
that he is transforming the Fairport, New York-based fund firm into a "leaner organization." Yet Mayer says he doesn't have a target headcount in mind.
"We will need to run leaner but ... we see really interesting and substantial opportunities for investment as well," Mayer tells P&I
, adding that the firm isn't actively on the hunt for M&A, either as a buyer or a seller. Wealth management is a particular expansion area of interest to Mayer.
Mister market has taken his toll on Manning in recent years. Yesterday its shares (MN on the NYSE) closed at $1.95, down 88.7 percent from June 30, 2014. Manning had $21.3 billion in AUM as of June 30, 2019, down 60.6 percent from five years ago; its headcount has fallen 33.9 percent over the same time period, to 336 on June 30, 2019.
Neil Anderson, Managing Editor
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