Manning & Napier: Complicated Ownership Structure And Catalysts Create Nearly 100% Upside
DeepValueFinder • 13 Comments
DeepValueFinder • 13 Comments
Manning & Napier: An Inflection Point In Its Business Has Been Reached
Alpha Gen Capital
Alpha Gen Capital
Manning & Napier 20% Undervalued
Bram de Haas
Bram de Haas
Wed, Jul. 20, 1:00 PM
Fri, Jul. 15, 10:06 AM
- Expecting a significant improvement in net flows over the next few quarters, and continued strong capital returns, and noting solid overall fund performance and an attractive valuation at current levels, analyst Ari Ghosh upgrades Virtus Investment (VRTS +3.6%) to Outperform with $91 price target, suggesting near 15% upside from yesterday's close.
- "We wait to see if the infusion of a new management team (both external hires) will result in an improvement in performance, product innovation, and a return to positive organic growth," he says, reiterating an Underperform rating and $6 price target on Calamos Asset Management (CLMS -2.6%).
- Investment performance has improved across various products, but Manning and Napier's (MN -1.7%) overall performance is "the weakest in our coverage," he says, reiterating a Neutral rating and $9 price target.
- Ghosh throws in the towel on Artisan Partners Asset Management (APAM -1.5%) with a downgrade to Neutral from Outperform. "APAM's long-term fund performance has steadily declined from industry-leading levels (~80 percent of its retail AUM was rated 4/5 stars by Morningstar in Dec'15) to below the industry average over the last 6 months."
Wed, Jul. 13, 10:51 PM
Thu, Jun. 23, 1:00 PM
Wed, Jun. 22, 1:01 PM
Wed, May 11, 4:07 PM| Wed, May 11, 4:07 PM | 2 Comments
Wed, Apr. 27, 4:51 PM
Wed, Apr. 27, 4:11 PM
Tue, Apr. 26, 5:35 PM
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Wed, Apr. 20, 8:46 AM
- CEO and board member Patrick Cunningham has retired for personal reasons unassociated with his role at Manning & Nappier (NYSE:MN). Co-founder and board chair William Manning will assume the title of CEO, while a committee of senior managers will assume the functions of the office.
- The company operated under a similar structure prior to its 2011 IPO.
- Now read: Manning & Napier: A Boutique Below Book Value
Thu, Apr. 7, 4:18 PM
- Pimco's Total Return Fund has made headlines for months over the fast pace of investor money exiting - a full $35B through the year ended February - but in percentage terms, writes Russel Kinnel, it places just 49% on the list of 12-month outflows from the Morningstar 500.
- Eighteen of the 500 posted outflows of at least 40% of assets, with 61% suffering 25% of more of exits, and 168 with 10% or more.
- If we were coming out a bad bear market, these sorts of redemptions would be expected, says Kinnel, but, in fact, they've occurred after a monster rally. Flowmageddon indeed.
- The simple answer: Low-cost ETFs have, for now, won the debate over active/passive, and even over index funds which offer similar cheap prices.
- Among the active managers monitoring: BEN, LM, JNS, IVZ, AB, AMG, FII, WDR, APAM, MN
Thu, Mar. 3, 4:45 PM
Wed, Feb. 3, 4:15 PM
- Manning & Napier (NYSE:MN): Q4 EPS of $0.20 misses by $0.01.
- Revenue of $72.49M (-26.3% Y/Y) beats by $0.36M.
Dec. 18, 2015, 8:06 AM
- Seattle-based Rainier has more than $3B in capitalization-based U.S. and non-U.S. equity strategies and fixed-income products.
- Under the deal terms, a key group of Rainier pros will maintain 25% ownership of the company, with Manning & Napier (NYSE:MN) owning the rest. The deal is expected to close in H1.
- The purchase, says the company, will further diversify its product offerings and broaden its coverage in the West.
Dec. 2, 2015, 12:05 PM
- So far this year, Vanguard is leading the way as a record $365B flows into low-cost, passively-managed index funds and ETFs, while actively-managed mutual funds have lost $147B, reports Bloomberg. That roughly $500B swing at roughly 50 basis points (the difference between active and passive fees) means $25B less going to the financial services industry.
- That $25B compares to about $200B per year globally in trading and asset management revenue, but there's also the "hidden fees" active managers rack up from continuously buying and selling - on average active mutual fund managers turn over portfolios at 10x the pace of a Vanguard index fund.
- But that's not all ... It took Vanguard 32 years to reach $1T in assets, eight to get to $2T, and just three to get to $3T. Vanguard alone could be removing $40B in revenue from the financial industry by 2020. There's also the "Vanguard Effect" in which other funds lower fees to try and compete with the giant's Wal-Mart-like "everyday low prices."
- The good news for active managers: As ETFs (passive-investing) proliferate (they now account for 30% of total assets), it should give sharp managers a little more room to actually create some alpha.
- Interested parties: BlackRock (NYSE:BLK), WisdomTree (NASDAQ:WETF), Franklin Resources (NYSE:BEN), Legg Mason (NYSE:LM), Gamco (NYSE:GBL), Janus (NYSE:JNS), Invesco (NYSE:IVZ), T. Rowe Price (NASDAQ:TROW), AllianceBernstein (NYSE:AB), Affiliated Managers (NYSE:AMG), Federated Investors (NYSE:FII), Waddell & Reed (NYSE:WDR), Artisan Partners (NYSE:APAM), Cohen & Steers (NYSE:CNS), Manning and Napier (NYSE:MN), Virtus Investment (NASDAQ:VRTS), Eaton Vance (NYSE:EV)
Nov. 11, 2015, 4:10 PM
- MN Oct. 31 total AUM of $38.5B vs. $37.2B a month earlier, and $47.8B at the start of the year.
- Blended asset AUM of $23.6B vs. $22.8B a month earlier.
- Equity AUM of $13.7B vs. $13.2B.
- Fixed-income AUM of $1.17B vs. $1.2B.
Manning & Napier, Inc. provides investment management services to separately managed accounts, mutual funds and collective investment trust funds, as well as a variety of consultative services that complement its investment process. It offers equity and fixed income portfolios as well as a range... More
Industry: Asset Management
Country: United States
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