Manning & Napier Files to Raise $250 Million in Initial Offering

Manning & Napier Inc., the investment-management firm that was founded in 1970, seeks $250 million in an initial public offering.

The Fairport, New York-based company’s initial filing with the U.S. Securities and Exchange Commission didn’t say how many shares it will offer or at what price.

Manning & Napier announced its IPO after companies in the last three months filed for initial offerings at the fastest pace since 2007. The mutual-fund manager said it is raising funds for general corporate purposes, including possible acquisitions, after its assets under management increased more than sixfold since 1999 to $42.6 billion.

Net income in the three months through March 31 more than doubled to $23.7 million from a year earlier, while operating revenue increased 36 percent to $78 million, according to the filing.

Manning & Napier’s offering is being managed by Bank of America Corp. (BAC), according to the filing.

To contact the reporter on this story: Lee Spears in New York at lspears3@bloomberg.net.

To contact the editor responsible for this story: Jennifer Sondag at jsondag@bloomberg.net.

Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.