Manning & Napier in $150 Million Initial Public Offering

November 23, 2011

Cleary Gottlieb represented Merrill Lynch, Pierce, Fenner & Smith Incorporated as representative of the underwriters in the initial public offering of shares of Class A common stock of Manning & Napier, Inc. The deal priced on November 17 and closed on November 23.

The initial public offering price was $12.00 per share. The company offered 12,500,000 shares of Class A common stock and granted the underwriters a 30-day option to purchase up to an additional 1,875,000 shares of common stock to cover overallotments, if any.

The Class A common stock began trading on the New York Stock Exchange on November 18 under the symbol “MN”. Proceeds from the offering to the company were approximately $142.1 million after deducting the underwriting discounts and commissions and estimated offering expenses payable by the company. Approximately $105.7 million of the net proceeds were distributed to William Manning and other employee owners of Manning & Napier companies in a “synthetic secondary” offering.

Manning & Napier is an independent investment management firm that provides a broad range of investment solutions through separately managed accounts, mutual funds and collective investment trust funds. The company is based in Fairport, New York.