Seller Details:
Manning & Napier is a diversified wealth and asset management firm with $18 billion in total assets under management that provides a broad range of financial solutions and complementary consultative services. Founded in 1970, Manning & Napier serves a diversified client base of high-net-worth individuals and institutions, including Taft-Hartley plans, endowments, and foundations. Manning & Napier is headquartered in Fairport, New York with offices in Dublin, Ohio, Saint Petersburg, Florida, and Seattle, Washington.
Buyer Details:
Abacus Global Management is a leading financial services company specializing in alternative asset management, data-driven wealth solutions, technology innovations, and institutional services. With a focus on longevity-based assets and personalized financial planning, Abacus leverages proprietary data analytics and decades of industry expertise to deliver innovative solutions that optimize financial outcomes for individuals and institutions worldwide.
Transaction Summary:
Abacus will acquire a strategic minority equity stake in Manning & Napier. In connection with the equity investment, the parties have agreed to enter into a Strategic Alliance Agreement (the “SAA”) designed to create mutual growth across three core dimensions: product distribution, lead generation and referrals, and joint product development. The SAA is the primary value driver of the proposed transaction, which is expected to create a framework for strategic collaboration between the two platforms while preserving Manning & Napier’s independent operations.