Manning & Napier, Inc. has 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 add to Manning & Napier’s product offerings, broaden the firm’s position as a provider to defined contribution plans and increase its geographic coverage of the western U.S.
Investment teams of both firms will remain autonomous, and the transaction will not generate 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 percent ownership stake in Rainier, with Manning & Napier owning the remaining 75 percent.
The transaction is structured with an initial upfront cash payment funded through the company’s available cash position, with additional payments based on Rainier achieving certain financial targets over a four-year period.
The transaction is expected to close in the first half of 2016, subject to customary regulatory approvals and closing conditions. Additional financial terms of the transaction were not disclosed.
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