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Thursday, September 05, 2019|
"We Still Need to Run Leaner But"
Manning & Napier has had a rough couple of years, and the new CEO is still making cuts.
"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.
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