Manning & Napier completes majority interest acquisition in Rainier Investment.
BANKING AND CREDIT NEWS-May 9, 2016-Manning & Napier completes majority interest acquisition in Rainier Investment
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Manning & Napier, Inc. (NYSE: MN) has completed the acquisition of a majority interest in Rainier Investment Management, LLC, which will diversity the company's product offerings, the company said.
The completion of this transaction serves to enhance the firm's positioning as a provider to defined contribution plans, and broaden its geographic coverage of the western US.
Key professionals at Rainier maintain a 25 percent ownership stake in Rainier. 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 their Seattle headquarters.
Manning & Napier, Inc. (NYSE: MN) provides investment solutions as well as consultative services that complement the investment process. The company offers equity, fixed income and alternative strategies, as well blended asset portfolios, such as life cycle funds.
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