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Economic net income rises 11% at Manning & Napier

Rochester Business Journal
April 30, 2014

Manning & Napier Inc. reported first-quarter economic net income of $27.6 million, up 11 percent from a year ago.
 
The Perinton-based money manager reported Wednesday after the markets closed.

The company’s economic net income for the most recent quarter, at 31 cents per adjusted share, was up from $24.8 million, or 28 cents an adjusted share, in the first quarter 2013. The most recent quarter included a onetime benefit--2 cents a share--from changes in enacted tax laws.

Wall Street analysts had projected earnings of 29 cents per share.

Revenues totaled $98.5 million, up 9 percent from $90.2 million in the first quarter last year.

“We saw good returns pretty much across the board in our various investment strategies,” CEO Patrick Cunningham said. “The improved performance we saw beginning in the middle of last year continued through the first quarter.”

Assets under management were $52.2 billion on March 31, up 3 percent from $50 billion on Dec. 31 and up 9 percent from $48.1 billion on March 31, 2013, the company reported.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email
service@rbj.net.


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