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Home / transaction / Berkshire Global Advisors client Rainier Investment Management has been acquired by Manning & Napier
Berkshire Global Advisors client Rainier Investment Management has been acquired by Manning & Napier
  • has been acquired by

    • Berkshire Global Advisors client Rainier Investment Management has been acquired by Manning & Napier

  • Date: December 2015
  • Sector: Investment Management
  • Sub-Sector: Mutual Funds
  • Region: North America
  • Seller AUM: $3.8 Billion

    • Seller Details
    Rainier Investment Management, LLC is a U.S. based, active investment manager offering U.S. and non-U.S. equity and fixed income strategies. Rainier’s clients include corporate, public and Taft-Hartley retirement plans, insurance companies, banks, broker-dealers and registered investment advisors. The firm was founded in 1989 as a spin-out of Rainier Bank in Seattle, and became fully independent in 1991. As of November 30, 2015, Rainier managed more than $3 billion, primarily in equity strategies.

    Buyer Details
    With over $37 billion in AUM, Manning & Napier provides a broad range of investment solutions as well as a variety of consultative services that complement its investment process. Founded in 1970, Manning & Napier offers equity, fixed income and alternative strategies, as well as a range of blended asset portfolios, such as life cycle funds. The company serves a diversified client base of high-net-worth individuals and institutions, including 401(k) plans, pension plans, Taft-Hartley plans, endowments and foundations. For many of these clients, Manning & Napier’s relationship goes beyond investment management and includes customized solutions that address key issues and solve client-specific problems. Manning & Napier is headquartered in Fairport, NY.

    Transaction Summary
    Manning & Napier, Inc. announced an agreement to acquire a majority interest in Rainier Investment Management, LLC, a Seattle, Washington based, active investment management firm with more than $3 billion in capitalization-based U.S. and non-U.S. equity strategies and fixed income products. The acquisition will further diversify Manning & Napier’s product offerings, enhance the firm’s positioning as a provider to defined contribution plans, and broaden its geographic coverage of the western U.S. The investment teams of both Manning & Napier and Rainier will remain autonomous and the transaction will not result in changes to either firm’s investment personnel or processes. Rainier will continue to operate from its Seattle headquarters. Under the terms of the transaction, key professionals at Rainier will maintain a 25% ownership stake in Rainier, with Manning & Napier owning the remaining 75%.