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Manning & Napier to buy Chicago company

By THOMAS ADAMS - 4/10/2014 3:59:17 PM

Manning & Napier Inc. has reached an agreement to acquire Chicago-based investment management firm 2100 Xenon Group LLC, officials said Thursday.

The acquisition is expected to close by the end of the second quarter. Financial terms were not disclosed.

“Manning & Napier has been actively searching for a complementary manager to expand our investment management capabilities to include alternative strategies,” CEO Patrick Cunningham said in a statement.

“Our objectives included both product diversification and expanding the solution set we offer to our clients in today’s challenging environment. We believe the blend of our sales and service capability with the added investment expertise will prove a winning combination.”

The Chicago firm employs 11. It specializes in managed futures and global macro strategies for institutional and individual clients, officials said.
 
Jay Feuerstein, founder, CEO and chief investment officer at 2100 Xenon, will be part of Manning & Napier’s senior research group as managing director of alternative strategies, the local company said. The firm’s director of research, Jeff Bolduc, will be a portfolio manager for Manning & Napier’s alternative strategies group.

Based in Perinton, Manning & Napier ranked second on the Rochester Business Journal’s most recent list of money managers in the area with more than $45 billion in assets under management.

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