Manning & Napier, Inc. (NYSE:MN), (“Manning & Napier” or “the Company”) today announced that it will acquire the business and operations of 2100 Xenon Group, LLC, an alternative investment manager specializing in managed futures and global macro strategies for institutional and individual clients. The acquisition will enhance Manning & Napier’s alternative capabilities and provide increased product diversification to clients. The transaction is subject to certain regulatory approvals and is expected to close within the second quarter. Financial terms of the transaction were not disclosed.
As a result of the transaction, Manning & Napier will acquire three alternative investment product track records and add personnel with investment expertise in managed futures, including Jay Feuerstein, founder, Chief Executive Officer and Chief Investment Officer of 2100 Xenon, and Jeff Bolduc, CFA, Director of Research. Mr. Feuerstein and Mr. Bolduc collectively have over 40 years of experience managing risk and providing absolute return strategies to clients. Mr. Feuerstein, who will be named to Manning & Napier’s Senior Research Group as Managing Director of Alternative Strategies, has extensive experience managing alternative strategies across asset classes. Mr. Bolduc will be a Portfolio Manager within the firm’s Alternative Strategies Group.
The 2100 Xenon team is expected to manage its strategies consistent with current resourcing and begin to participate in broader mandates addressing specific client risks over time. The strategies currently managed by the team will be marketed under the Manning & Napier brand as Xenon strategies. These strategies include a global managed futures strategy, a long/short global fixed income futures product, and a futures alpha product, which collectively represented approximately $200 million in client assets as of December 31, 2013.
Patrick Cunningham, Chief Executive Officer of Manning & Napier commented, “Manning & Napier has been actively searching for a complementary manager to expand our investment management capabilities to include alternative strategies. 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.”
Jay Feuerstein added, “We believe this transaction with Manning & Napier will provide the financial, structural and distribution resources needed to meaningfully grow the assets in our long-tenured futures strategies. All of us at 2100 Xenon feel a strong cultural fit with the team-based management approach and active risk management style that has been part of Manning & Napier’s history for more than four decades. We look forward to a collaborative effort that provides best of class solutions to our clients.”
About Manning & Napier, Inc.
Manning & Napier (NYSE:MN) provides a broad range of investment solutions through separately managed accounts, mutual funds, and collective investment trust funds, as well as a variety of consultative services that complement our investment process. Founded in 1970, we offer equity and fixed income portfolios as well as a range of blended asset portfolios, such as life cycle funds, that use a mix of stocks and bonds. We serve 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, our relationship goes beyond investment management and includes customized solutions that address key issues and solve client-specific problems. We are headquartered in Fairport, NY and had 507 employees as of December 31, 2013.
About 2100 Xenon Group, LLC
2100 Xenon Group is a global investment manager specializing in managed futures and global macro strategies. 2100 Xenon’s clients include global financial institutions, public funds, fund of funds, high net worth individuals and family offices from around the world. 2100 Xenon was founded in 2001, and is registered with the CFTC and SEC.