Manning & Napier Investor Presentation June 2014
|
|
- Lydia Carroll
- 5 years ago
- Views:
Transcription
1 Manning & Napier Investor Presentation June 2014 The Manning & Napier Fund, Inc. is managed by Manning & Napier Advisors, LLC ( Manning & Napier ). Manning & Napier Investor Services, Inc. and affiliate of Manning & Napier, is the distributor of the Fund shares.
2 Forward Looking Statements This presentation contains forward-looking statements. Such statements can be identified by the use of forward-looking terminology such as believes, expects, may, estimates, will, should, intends, plans or anticipates or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy. You are cautioned that any such forward-looking statements are not guarantees of future performance and may involve significant risks and uncertainties, and that actual results may vary materially from those in the forward-looking statements as a result of various factors. Prospective investors are cautioned not to place undue reliance on forward-looking statements. All written and oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by those cautionary statements. Any forward-looking statements which we make in this presentation speak only as of the dates of such statements, and we undertake no obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained in this presentation to reflect future events or developments. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data. 2
3 Corporate Overview 3
4 Corporate Profile At Manning & Napier we are committed to helping our clients achieve long-term financial security by solving their investment and benefit needs. Firm Highlights Financial Highlights Recent Developments Founded in 1970 in Rochester, NY $52.9 billion in assets under management as of 4/30/14 A comprehensive suite of consultative products & services: o 33 separate account composites o 37 mutual funds o Services such as family wealth management, retirement planning and liability modeling Over 80 investment and 170 client service and sales personnel as of 3/31/14 Revenue of more than $380 million for the 12 months ending 3/31/14; more than $375 million for 12 months ending 12/31/13 Economic income of more than $170 million for the 12 months ended 3/31/14; more than $165 million for 12 months ended 12/31/13 Enterprise value of $1.4 billion as of 3/31/14 NYSE traded: Symbol MN o 87,827,272 adjusted shares outstanding as of 3/31/14 o Public ownership of $229 million, 13,648,169 outstanding shares as of 3/31/14 Completed acquisition of the business and operations of a global alternatives manager, 2100 Xenon Group on May 23, More than 15 seeded products totaling approximately $30 million $30.3 million accretive share repurchase from legacy shareholders in Q
5 AUM Evolution 18% annualized growth rate in assets under management since 2003 has been attributable to: Organic Growth of approximately $18 billion since 2008 Historical retention rates consistently in excess of 90% Strong absolute and relative returns AUM Development (in $B), $50.8 $52.9 $38.8 $40.2 $45.2 $28.3 $7.8 $9.8 $11.3 $14.7 $18.8 $ /30/2014 5
6 Enhancing Shareholder Value Investment Capabilities Our focus on delivering investment excellence has allowed us to maintain a 98% separate account retention rate as of Q Active management of portfolios producing excess returns for our clients through both the Tech Wreck and the Financial Crisis Our solutions-based investing and active management have resulted in organic growth of approximately $18 billion since 2008 Products, Services & Distribution Corporate Performance Enhanced product offerings, including: Target Date Funds have recently achieved a five year track record, while many of our Target Date Collective Trusts have 10 year track records Emerging Markets Fund achieved a two year track record in November Offer an array of consultative services including: Family Wealth Management, Retirement Planning, 401(k) Plan Design, Actuarial Services & Benefits Consulting Expanded coverage in key distribution channels and geographies Maintain a presence on all major platforms We have maintained a healthy, debt-free balance sheet with over $100 million in cash Current dividend yield of 3.8% compared with an industry average of 2.25% 1 Since our November 2011 IPO, Manning & Napier Group has returned approximately $297 million to its members, including the May 1, 2014 dividend payment Product seeding portfolio totals approximately $30 million $30.3 million accretive share repurchase from legacy shareholders in Q Industry comprises BLK, CNS, EV, JNS, TROW, WDR and excludes one-time special dividends 6
7 Investment Capabilities 7
8 Our Team-Based Research Engine Senior Research Group (13 Senior Analysts) Highly experienced research staff average tenure of the Senior Research Group is 19 years Proven fundamental and quantitative investment strategies Supports both existing and new products Overview Groups 3 Portfolio Groups 5 Sector Groups 5 (17 members) Global Strategies Quantitative Strategies Themes & Overviews (29 members) Alternative Strategies Emerging Growth Equity Income Focused Opportunities Fixed Income (34 members) Capital Goods Consumer Life Sciences Services Technology MORE THAN 80 Economists, Strategists, Analysts, Associates and Assistants (1) As of 3/31/14 8
9 The Value of Active Management Funds with a Morningstar (1) Star Rating (as of 4/30/14) Manning & Napier Number of Funds Rated 22 Number of 4 and 5 Star Funds 7 % of Funds Rated 4 and 5 Stars 32% Total AUM Rated (BN) $22.0 % of AUM in 4 and 5 Star Funds 27% % of AUM in 3, 4 and 5 Star Funds 98% Pro-Blend Moderate Term Series Annualized Returns Net of Fees vs. Benchmark 3.1% 2.5% YTD 4/30/14 9.5% 6.8% 6.9% 6.7% 6.8% 5.5% 12 months ended 4/30/14 Pro-Blend Moderate Term Series 3 years ended 4/30/14 1/1/00-4/30/14 30% Russell 3000, 10% ACWI xus, 60% BAB World Opportunities Series Annualized Returns Net of Fees vs. Benchmark Equity Series Annualized Returns Net of Fees vs. Benchmark 23.5% 20.8% 15.1% 13.5% 3.0% 1.8% 9.8% 2.9% 8.0% 3.0% 3.9% 3.8% 2.1% 11.1% 7.4% 4.3% YTD 4/30/14 12 months ended 4/30/14 3 years ended 4/30/14 1/1/00-4/30/14 YTD 4/30/14 12 months ended 4/30/14 3 years ended 4/30/14 1/1/00-4/30/14 World Opportunities Series ACWIxUS Equity Series Russell 3000 (1) Morningstar All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past financial performance is no guarantee of future results. 9 * Past performance is not a guarantee of future results
10 Product & Service Offerings 10
11 4o+ Year Record of Product Innovation & Market Leadership Our Approach to New Product Seeding 1 2 Meets client needs Addresses actual risks and provides appropriate protection 3 Adheres to our core beliefs and investment philosophies 11
12 History of Product Innovation 1990s 2000s 2010s 1992 International Series is our first top-down managed product 1993 Pro Blend Moderate and Extended Term funds are our first life cycle mutual funds 1994 Tax Exempt Fund launched to promote tax efficient strategies The 90s represented our early introduction of life cycle strategies to the DC market, which led to us being labeled a pioneer. We also focused this decade on finding ways to enhance our relationships with clients Manning Yield is a fundamentals based alternative to indexing While we launched our first top-down managed product in the 90s, product development beyond bottom-up stock picking began in earnest in the 2000s. We also expanded on concepts built by Client Analytics Group in the 90s, by finding new ways to be consultative with clients Global Equity Inflation Focus and Global Quality seize global opportunities and address inflation risk 2006 Global Equity is launched to further enhance topdown product offerings 2011 Emerging Markets focuses on long-term growth opportunities in developing market countries 2008 Target Date offerings launched 2012 Strategic Income addresses client demand for income-oriented products, GOAL Target Dates further enhance target date options with actively managed ETFs We have continued to focus on product diversification across team skill sets and in response to market trends over the past few years. 12
13 Upcoming 3-Year Track Records Manning & Napier has several new strategies that will reach 3-Year track records starting in 2014, starting with our Global Quality Plus and Emerging Market equity products. As of 4/30/14 Global Quality Plus 3 Year Track Record Achieved Return Since Inception Benchmark Since Inception 8/1/ % 12.2% Equity Emerging Markets 11/1/ % 3.9% Objectives-based (Balanced) Strategic Income - Conservative Strategic Income - Moderate 8/1/15 6.2% 6.2% 8/1/15 9.0% 9.8% Fixed Income Global Fixed Income 10/1/15 3.0% 0.2% 13 * Past performance is not a guarantee of future results
14 MN Xenon Strategies On May 23, 2014, Manning & Napier announced that it completed the acquisition of the business and operations of 2100 Xenon Group LLC. The completion of this acquisition has enhanced Manning & Napier s alternative capabilities and provide increased product diversification to clients. Current strategies offered by Manning & Napier Xenon include: Program Name MN Xenon Managed Futures (2x) Fund is offered in multiple leveraged share classes Inception Date Jun-06 Volatility Target 15 30% depending on share class MN Xenon Managed Futures Aug % MN Xenon Global Fixed Income (2x) May % MN Xenon Global Fixed Income Aug % MN Xenon Futures Alpha Jun % 14
15 Downside Risk Management: S&P 500 vs. MN Xenon Managed Futures (2x) S&P Down Month Analysis Average Monthly Returns 25% 6% 20% 15% 4% 3.5% 10% 5% 0% -5% -10% -15% S&P 500 Total Return MN Xenon Managed Futures (2x) Month Returns 2% 0% -2% -4% -6% 0.48% 0.43% -4.2% 1.1% -20% 10/08 02/09 09/08 06/08 01/09 05/10 11/08 09/11 01/08 05/12 08/11 06/10 11/07 08/10 01/10 07/07 02/08 08/13-8% Overall Return Average Return When S&P is Negative -7.1% Average Return When S&P down over 3.5% S&P 500 Total Return MN Xenon Managed Futures (2x) Source: Bloomberg. Analysis: Manning & Napier. Note: Data presented from June 2006 March
16 The Next Frontier in Product Evolution Convergence of Health & Wealth Benefits Just as we advocated life cycle funds as a solution for 401(k) participants in the 1980s, Manning & Napier is now providing solutions to reduce the cost of employer-provided health care benefits while empowering employees to become better consumers of health care. 16
17 Consultative Selling & Client Service 17
18 Multi-Channel Distribution We continue to expand our coverage in the direct sales channel while we focus on creating relationships with ultimate advisors, identifying new 401(k) plans, and getting our products on more platforms in our intermediary sales channel. Direct Sales 29 Intermediary Sales 20 Platform & Sub-Advisory 6 Regional Reps Multi-State Reps Taft-Hartley Reps External Wholesalers Internal Wholesalers Key Account Platform Resources Consultant Relations Sub-Advisory (1) As of 3/31/14 18
19 Direct Sales Channel We Continue to Expand Our Geographic Coverage in the Direct Sales Channel Today (1) : 29 Direct Client Reps 2012: Hired 5 new Direct Client Reps 2013: Hired 3 new Direct Client Reps Current Locations Albany Syracuse Rochester Buffalo Cleveland Pittsburgh Columbus Indianapolis Chicago Atlanta Tampa New Locations New York City New Jersey Illinois Dallas Houston California (1) As of 3/31/14 19
20 Intermediary Sales Channel National Coverage in Our Intermediary Sales Channel (1) 6 WM External Wholesalers 4 DCIO External Wholesalers 6 Internal Wholesalers 4 Key Account Platform Resources Wealth Management Team Coverage Defined Contribution Team Coverage This Team Focuses on: Relationships with ultimate advisors Identifying those with 401(k) plans More products on more platforms (1) As of 3/31/14 20
21 Defined Contribution Opportunities DCIO Market: $2.8 trillion market size; expected to grow to $4+ trillion by 2018* Manning & Napier has a long-established presence in the DCIO market: Risk-based products started in 1993 Age-based products since 2008 Both our risk-based and age-based offerings have attractive long-term track records over various market cycles. This presence has enabled us to accumulate meaningful assets under management: Over $12 billion in DC AUM as of March 31, 2014 Over $24 billion in multi-class portfolios as of March 31, 2014 Our dedicated resources allow us to continue to grow our DC presence through multiple distribution channels: Dedicated DCIO Wholesaler Team Distribution through our Direct Sales Force Ongoing expertise and client support through our team of portfolio strategists, our client analytics group, and sales support functions. * Source: Strategic Insight DC Market Sizing & Outlook
22 Financial Performance 22
23 Historical AUM by Portfolio ($ in billions) Growth in assets under management has historically been driven by client cash flows (over $18 billion since 2008) and high client retention (over 90%). Additional AUM growth was achieved during 2013 as a result of blended market appreciation during the year of nearly 18%. For the year ended December 31, For the quarter ended $1.3 $1.3 $1.3 $1.1 $1.2 $1.2 $1.1 $1.1 $1.1 $20.3 $20.8 $23.5 $26.0 $24.9 $23.4 $25.1 $26.0 $26.5 $17.3 $18.1 $20.5 $23.7 $21.9 $21.7 $22.8 $23.7 $ Total AUM $38.8 $40.2 $45.2 $50.8 Organic Growth $6.5 $4.7 $(0.8) $(2.5) 3/31/13 6/30/13 9/30/13 12/31/13 3/31/2014 Total AUM $48.1 $46.3 $49.1 $50.8 $52.2 Organic Growth $(0.0) $(1.4) $(0.4) $(0.6) $0.1 Blended Asset Equity Fixed Income 23
24 Historical Revenue & Revenue Rates ($ in millions) Top line margins have remained consistent at approximately 78bps while assets under management have increased. As a result, revenues have increased from $255 million in 2010 to over $375 million for the year ended December 31, For the year ended December 31, For the quarter ended $330 $339 $376 $90 $93 $95 $98 $98 $ % 0.78% 0.78% 0.78% 0.78% 0.78% 0.78% 0.78% 0.78% Average AUM (in billions) $32.3 $42.2 $43.6 $48.3 3/31/13 6/30/13 9/30/13 12/31/13 3/31/2014 Average AUM (in billions) $47.2 $47.8 $48.0 $50.0 $51.1 Revenue Revenue Rates 24
25 Operating Expense, as adjusted, as a Percentage of Total Revenue Key considerations of our compensation structure: Annual compensation as a percentage of revenue has ranged between 27 and 31%. However, quarterly ranges can be more variable based on recent market trends, with compensation as a percentage of revenue ranging between 24-33% historically. The Investment Team compensation is based on both absolute & relative returns for trailing 1-, 2- and 3-year periods, and measured and paid semi-annually as of June 30 and December 31. The Sales, Service and Product Team compensation includes incentives for both new business generation as well as service incentives Starting in the second quarter of 2013, compensation and related costs includes expenses associated with equity grants awarded under the Company s Long-Term Incentive Plan, with additional equity awards expected in future years. For the year ended December 31, For the quarter ended 55% 53% 54% 56% 56% 52% 55% 60% 57% 31% 27% 28% 29% 30% 26% 28% 32% 30% 14% 16% 17% 18% 18% 18% 18% 18% 19% 10% 9% 9% 8% 0.4% % 8% 8% 9% 8% 0.5% 1% 1% 1% 3/31/13 6/30/13 9/30/13 12/31/13 3/31/2014 Other operating costs Distribution, servicing and custody expenses Stock-Based Compensation Compensation & related costs Total Operating Expense as Percentage of Revenue (1) Operating expense and compensation and related costs as a percentage of revenue excludes non-cash reorganization-related share-based compensation. For the quarters ended March 31, June 30, September 30 and December 31, 2013, these charges amounted to $21.7M, $22.8M, $18.2M and $17.9M respectively. For the quarter ended March 31, 2014 these charges amounted to $21.9M. For further information and reconciliation between GAAP and our Non-GAAP financial measures, see the appendix as well as previously filed Form 10-Ks, 10-Qs and 8-Ks. 25
26 Economic Income, Economic Net Income & Economic Income Margins (1) ($ in millions) Our focused business model results in a flexible expense structure and has produced consistent margins over time and allows for investment in growth alongside of high dividend payouts For the year ended December 31, $157 $157 $167 80% 70% For the quarter ended $40 $44 $43 $40 $45 80% 70% $115 45% 47% 46% 45% 60% 50% 40% 44% 47% 46% 41% 45% 60% 50% 40% 30% 30% $71 $97 $97 $103 20% 10% $25 $27 $27 $25 $28 20% 10% Economic Net Income per Adjusted Share (2) n/a $1.08 $1.08 $1.15 0% 3/31/13 6/30/13 9/30/13 12/31/13 3/31/2014 Economic Net Income per Adjusted Share (2) $0.28 $0.30 $0.30 $0.28 $0.31 0% Economic Income Economic Net Income Economic Income Margin (1) For further information and reconciliation between GAAP and our Non-GAAP financial measures, see the appendix as well as previously filed Form 10-Ks, 10-Qs and 8-Ks. (2) Assumes the weighted average exchangeable units of Manning & Napier Group, LLC are converted into the Company s Class A common stock as of the respective reporting date, on a one-to-one basis 26
27 Creating Strong Cash Flow Cash Provided by Operating Activities for the Quarter Ended ($ in millions) Q Q Q Q Current Quarter Commentary Cash inflow from operating activities of $30.5M was mainly attributable to net income after adjustment for non-cash items. Cash Provided by (Used in) Investing Activities for the Quarter Ended ($ in millions) (0.9) (3.3) (8.1) (8.1) Q Q Q Q Cash Used in Financing Activities for the Quarter Ended ($ in millions) (56.2) (29.2) (42.1) (33.7) Q Q Q Q Cash used in investing activities was primarily attributable to the purchasing of investments to provide initial cash seeding for product development purposes during the period. Cash used in financing activities of $33.7M was attributable to the legacy ownership exchange of $30.3M during the period. Cash & Cash Equivalents ($ in millions) /31/2013 6/30/2013 9/30/ /31/2013 3/31/2014 Significant free cash flow generation allows for the payment of a quarterly dividend and the funding of other opportunities to enhance shareholder value Dividends $0.16 $0.16 $0.16 $0.24 $
28 28
29 Use of Non-GAAP Measures Measuring Profitability Primary measures we utilize to evaluate profitability of our results and operations They are more reflective of our returns and cash flows Economic Income Defined as pre-tax income excluding non-cash accounting charges resulting from the reorganization and IPO, including: Reorganization-related share-based compensation Economic Net Income Defined as Economic Income less adjusted income taxes Adjusted income taxes represents an estimate of income tax expense at an effective rate of 38.25% on economic income Economic Net Income per Adjusted Share Assumes the weighted average exchangeable units of Manning & Napier Group, LLC and unvested restricted stock units (RSUs) are converted to Class A Shares on a one-to-one basis 29
30 Consolidated Statements of Operations (In thousands, except share data) 30
31 Reconciliation of Non-GAAP Financial Measures to GAAP Measures (In thousands, except share data) 31
32 Assets Under Management (in millions) 32
Manning & Napier, Inc. Reports Second Quarter 2017 Earnings Results
Manning & Napier, Inc. Reports Second Quarter Earnings Results FAIRPORT, NY, August 1, - Manning & Napier, Inc. (NYSE: MN), ( Manning & Napier or the Company ) today reported second quarter results for
More informationOMAM. Investor Presentation. Fourth Quarter 2014
OMAM Investor Presentation Fourth Quarter 2014 DISCLAIMER Forward Looking Statements This presentation may contain forward looking statements for the purposes of the safe harbor provision under the Private
More informationInvestor Overview Q2 2017
Investor Overview Q2 2017 AMG Overview Business Highlights Global, diversified asset management firm Unique, multi-faceted growth strategy Proprietary opportunity to partner with additional top boutiques
More informationForward Looking Statements
Third Quarter 2018 Results and Acquisition of USAA Asset Management Company November 7, 2018 Forward Looking Statements This presentation may contain forward-looking statements that are based on our beliefs
More informationQ Earnings. Earnings Release Supplement. July 17, /13/ :27 AM BlackRock
7/13/ 10:27 AM BlackRock Earnings Earnings Release Supplement July 17, Equity 53% 51% 62% 32% 28% 48% 64% 65% Institutional Americas Fixed income Retail Index EMEA Multi-asset Alternatives Cash Asia-Pacific
More informationDelivering on our Commitments Today and Tomorrow. Investor Presentation
Delivering on our Commitments Today and Tomorrow Investor Presentation CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION This document may contain forward-looking statements. Forward-looking statements
More informationQ Earnings. Earnings Release Supplement. January 12, /13/ :27 AM BlackRock
7/13/ 10:27 AM BlackRock Earnings Earnings Release Supplement January 12, 2018 Equity 53% 51% 62% 32% 28% 48% 64% 6 Institutional Americas Fixed income Retail Index EMEA Multi-asset Alternatives Cash Asia-Pacific
More informationHow to evaluate factor-based investment strategies
A feature article from our U.S. partners INSIGHTS SEPTEMBER 2018 How to evaluate factor-based investment strategies Due diligence on smart beta strategies should be anything but passive Original publication
More informationArtisan Partners Asset Management Inc. Reports Quarter and Year Ended December 31, 2017 Results
Artisan Partners Asset Management Inc. Reports Quarter and Year Ended December 31, 2017 Results Milwaukee, WI February 6, 2018 Artisan Partners Asset Management Inc. (NYSE: APAM) (the Company or Artisan
More informationForward Looking Statements
Second Quarter 2018 Earnings Presentation August 7, 2018 Forward Looking Statements This presentation may contain forward-looking statements that are based on our beliefs and assumptions and on information
More informationMorningstar Management Behind the Moat Conference
Morningstar Management Behind the Moat Conference Tom Wojcik Head of Investor Relations and Corporate Development September 18, 2014 The opinions expressed are as of September 2014 and are subject to change
More informationFranklin Resources, Inc.
Franklin Resources, Inc. First Quarter Results Greg Johnson Chairman and Chief Executive Officer Ken Lewis Chief Financial Officer February 3, 2016 Forward-Looking Statements Statements in this presentation
More information2017 Kerns Capital Management, Inc. July 2017 Investor Presentation
July 2017 Investor Presentation Table of Contents 1. Executive Summary.............. 1.1 History.......... 1.2 Buy/Sell Discipline........ 2. Investment Strategy... 2.1 Assessment and Implementation 2.2
More informationFranklin Resources, Inc.
Franklin Resources, Inc. Second Quarter Results Greg Johnson Chairman and Chief Executive Officer Ken Lewis Chief Financial Officer April 27, 2016 Forward-Looking Statements Statements in this presentation
More informationJ P M O R G A N J P M O R G A N G L O B A L H I G H Y I E L D C O N F E R E N C E
J P M O R G A N GLO BAL H I GH YIELD AND LEVERAGED FINANCE CONFERENCE February 29, 2016 1 1 IMPORTANT INFORMATION ABOUT RYERSON HOLDING CORPORATION These materials do not constitute an offer or solicitation
More informationForward Looking Statements
Fourth Quarter 2018 Earnings Presentation February 6, 2019 Forward Looking Statements This presentation may contain forward-looking statements that are based on our beliefs and assumptions and on information
More informationAIG Acquisition of Validus Holdings: A Step Forward in AIG s Profitable Growth Strategy. Investor Presentation January 22, 2018
AIG Acquisition of Validus Holdings: A Step Forward in AIG s Profitable Growth Strategy Investor Presentation January 22, 2018 Disclaimer Forward-Looking Statements Certain statements in this presentation
More informationAffiliated Managers Group Annual Report 2004
Affiliated Managers Group Annual Report 2004 Affiliated Managers Group, Inc. (NYSE: ) is an asset management company which operates through a diverse group of high-quality mid-sized asset management firms
More informationBuilding on our STRENGTHS. Investing in our FUTURE.
Building on our STRENGTHS. Investing in our FUTURE. Scotiabank Financials Summit Paul Mahon, President & CEO Great-West Lifeco Toronto September 8, 2016 CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
More informationAffiliated Managers Group, Inc.
Affiliated Managers Group, Inc. AMG Overview Approximately $254 billion in assets under management through a diverse group of high quality affiliated boutique asset management firms Broad array of products
More informationArtisan Partners Asset Management Inc. Reports 2Q18 Results
Artisan Partners Asset Management Inc. Reports 2Q18 Results Milwaukee, WI - July 31, 2018 - Artisan Partners Asset Management Inc. (NYSE: APAM) (the Company or Artisan Partners ) today reported its results
More informationMorningstar Investment Services
Morningstar Core Managed Portfolios Investment Services Peter Dugery Senior Vice President, National Sales Morningstar Investment Services August 21 st, 2012 For financial professional use only. 2012 Morningstar
More informationInvestor Presentation. June 2018
Investor Presentation June 2018 KKR Today Private Markets Public Markets Capital Markets Principal Activities $102bn AUM $87bn (1) AUM Global Franchise $16bn of Assets $81bn Private Equity and Growth Equity
More informationBANK OF AMERICA MERRILL LYNCH 2015 LEVERAGED FINANCE CONFERENCE. D e c e m b e r 3,
BANK OF AMERICA MERRILL LYNCH 2015 LEVERAGED FINANCE CONFERENCE D e c e m b e r 3, 2 0 1 5 IMPORTANT INFORMATION ABOUT RYERSON HOLDING CORPORATION These materials do not constitute an offer or solicitation
More informationFocus Financial Partners. Q3 and Year-To-Date 2018 Earnings Release Supplement November 2018
Focus Financial Partners Q3 and Year-To-Date 2018 Earnings Release Supplement November 2018 Disclaimer Special Note Regarding Forward-Looking Statements Some of the information in this presentation may
More informationT. ROWE PRICE GROUP REPORTS THIRD QUARTER 2017 RESULTS
NEWS RELEASE T. ROWE PRICE GROUP REPORTS THIRD QUARTER 2017 RESULTS Assets Under Management Increase to $947.9 Billion BALTIMORE (October 26, 2017) - T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) today reported
More informationJ U P I T E R 2018 Interim Results
J U P I T E R 2018 Interim Results Introduction 1 Maintaining shareholder returns Delivering growth through investment excellence Net Management Fees Underlying Earnings per Share Net Sales Investment
More informationGAMCO Investors, Inc. Reports Second Quarter 2017 Results
One Corporate Center Rye, NY 10580-1422 t 914.921.3700 GABELLI.COM For Immediate Release: Contact:Kieran Caterina or Diane M. LaPointe SVPs and Co-Chief Accounting Officers (914) 921-5149 or 7763 GAMCO
More informationManning & Napier Fund, Inc. Target 2060 Series Class K
Target 2060 Series Class K Fund Facts Ticker CUSIP MTKKX 56382R779 Inception Date 09/21/2015 Fund Manager Team Approach Investment Minimum* $2,000 Before Fee Waiver 10.50% After Fee Waiver** 1.13% *May
More informationBuilding value for clients and shareholders Third quarter 2018 results and the planned combination with OppenheimerFunds
Building value for clients and shareholders Third quarter 2018 results and the planned combination with OppenheimerFunds Martin L. Flanagan President and Chief Executive Officer Loren M. Starr Chief Financial
More informationFRANKLIN TEMPLETON INVESTMENTS. Franklin Resources, Inc. Bank of America Merrill Lynch Banking and Financial Services Conference November 18, 2010
Franklin Resources, Inc. Bank of America Merrill Lynch Banking and Financial Services Conference November 18, 2010 Forward-Looking Statements The financial results in this presentation are preliminary.
More informationI N V E S T O R P R E S E N T A T I O N
2 0 1 6 I N V E S T O R P R E S E N T A T I O N J U N E 1 5, 2 0 1 6 IMPORTANT INFORMATION ABOUT RYERSON HOLDING CORPORATION These materials do not constitute an offer or solicitation to purchase or sell
More informationFiscal Year 2018 Fourth Quarter and Full Year Results
Fiscal Year 2018 Fourth Quarter and Full Year Results Earnings Presentation - June 7, 2018 Today s Speakers Mario Giannini Chief Executive Officer Erik Hirsch Vice Chairman Randy Stilman Chief Financial
More informationThe Hanover Insurance Group
The Hanover Insurance Group Bank of America Merrill Lynch 2019 Insurance Conference February 13, 2019 Jack Roche President and Chief Executive Officer 1 Forward-looking statements Forward-looking statements
More informationBlackRock Reports First Quarter 2017 Diluted EPS of $5.23, or $5.25 as adjusted
Tom Wojcik, Investor Relations Brian Beades, Media Relations 212.810.8127 212.810.5596 BlackRock Reports First Quarter 2017 Diluted EPS of $5.23, or $5.25 as adjusted $80 billion of long-term net inflows,
More informationBlackRock Reports Full Year 2017 Diluted EPS of $30.23, or $22.60 as adjusted Fourth Quarter 2017 Diluted EPS of $14.07, or $6.
Tom Wojcik, Investor Relations 212.810.8127 212.810.5596 Brian Beades, Media Relations BlackRock Reports Full Year 2017 Diluted EPS of $30.23, or $22.60 as adjusted Fourth Quarter 2017 Diluted EPS of $14.07,
More informationInvesco third quarter 2017 results
Invesco third quarter 2017 results Martin L. Flanagan President and Chief Executive Officer Dan Draper Global Head of ETFs Loren M. Starr Chief Financial Officer October 26, 2017 Forward-looking statements
More informationCustom Investment Outsourcing
Custom Investment Outsourcing Fay DeBellis, CFP, SIMC Senior Vice President Bryant Waller, CFP Financial Advisor For One-on-One Use Only With Clients and Prospects 2013-PS-327 11/13 The Importance of Managing
More informationInvesco fourth quarter and full year 2017 results
Invesco fourth quarter and full year 2017 results Martin L. Flanagan President and Chief Executive Officer Loren M. Starr Chief Financial Officer January 31, 2018 Forward-looking statements This presentation,
More informationProviding the Research You Need to Make Smart Business Decisions. Intelligence amplified
Providing the Research You Need to Make Smart Business Decisions For more than 30 years, Strategic Insight has been at the forefront of thorough, unbiased mutual fund industry research and business intelligence,
More informationStrategic Joint Venture Between McGraw-Hill and CME Group Investor Presentation. November 4, 2011
Strategic Joint Venture Between McGraw-Hill and CME Group Investor Presentation November 4, 2011 Donald S. Rubin Senior Vice President, Investor Relations The McGraw-Hill Companies John Peschier Managing
More informationBLACKROCK, INC. (Exact name of registrant as specified in its charter)
BLK 8-K 10/18/2016 Section 1: 8-K (FORM 8-K) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act
More informationGord Menzie SVP Corporate Finance & Treasury
Gord Menzie SVP Corporate Finance & Treasury 5 th Annual BMO Capital Markets Fixed Income Insurance Conference Toronto June 16, 2016 Cautionary notes CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
More informationTHE FULL SPECTRUM. This model has indicated a bull market environment since early Spectrum Financial, Inc. Market Environment Model
THE FULL SPECTRUM GENERAL MARKET COMMENTARY The financial markets have been responding well to the Federal Reserve s threats of interest rate hikes. In addition, the bull market is overdue for a correction,
More informationMSCI Reports Financial Results for First Quarter 2018
MSCI Reports Financial Results for First Quarter 2018 New York May 3, 2018 MSCI Inc. (NYSE: MSCI), a leading provider of indexes and portfolio construction and risk management tools and services for global
More informationAn All-Cap Core Investment Approach
An All-Cap Core Investment Approach A White Paper by Manning & Napier www.manning-napier.com Unless otherwise noted, all figures are based in USD. 1 What is an All-Cap Core Approach An All-Cap Core investment
More informationPRUDENTIAL DAY ONE SM FUNDS
PRUDENTIAL DAY ONE SM FUNDS Preparing for the first day of retirement, and all the days thereafter with target date funds Prudential Day One Funds are offered through Prudential Retirement Insurance and
More informationUBS Emerging Companies Conference - 17 October 2007
UBS Emerging Companies Conference - 17 October 2007 October 2007 1 Important Notice This presentation has been prepared by HFA Holdings Limited (HFA) and is supplied on the following conditions which are
More informationMSCI. J.P. Morgan Global High Yield & Leveraged Finance Conference Kathleen Winters, CFO. February 28, 2017
MSCI J.P. Morgan Global High Yield & Leveraged Finance Conference Kathleen Winters, CFO February 28, 2017 2017 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.
More informationGoldman Sachs Presentation to Credit Suisse Financial Services Conference
Goldman Sachs Presentation to Credit Suisse Financial Services Conference Lloyd C. Blankfein Chairman and Chief Executive Officer February 3, 208 Cautionary Note on Forward-Looking Statements Today s presentation
More informationWilliam Blair Growth Stock Conference June 15, Member FINRA/SIPC
William Blair Growth Stock Conference June 15, 2011 Member FINRA/SIPC Safe Harbor Disclosure The following information contains forward-looking statements. Forward-looking statements include statements
More informationOur continued success is reliant upon achieving our clients investment objectives.
Strategic report Strategy and business review Our business model starts with our clients. Our continued success is reliant upon achieving our clients investment objectives. It is only by demonstrating
More informationInvesco first quarter 2018 results
Invesco first quarter 2018 results Martin L. Flanagan President and Chief Executive Officer Loren M. Starr Chief Financial Officer April 26, 2018 Forward-looking statements This presentation, and comments
More informationMSCI THIRD QUARTER 2016
MSCI THIRD QUARTER 2016 Earnings Presentation October 27, 2016 2016 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document. FORWARD-LOOKING STATEMENTS Forward-Looking
More informationBAML Banking and Financial Services Conference
BAML Banking and Financial Services Conference Bennett Goodman Senior Managing Director & Co-Founder, GSO Capital Partners November 13, 2012 Blackstone is a global leader in the faster growing alternative
More informationPMS 2622 PMS % Blk PMS 390
at a glance THE CAMBRIDGE ASSET ALLOCATION PLATFORM (CAAP) ALLOWS YOU ACCESS TO THE BENEFITS OF ACCOUNTS MANAGED BY SOME OF THE WORLD S LEADING INVESTMENT PROFESSIONALS. USING A TIME-TESTED PROGRAM OF
More informationTop 10 Reasons This Remains A Misunderstood and Underutilized Asset Class. Please see last page for important disclosures.
18 INTERNATIONAL SMALL CAP Top 10 Reasons This Remains A Misunderstood and Underutilized Asset Class Please see last page for important disclosures. 1 INTERNATIONAL INVESTING IS RISKY. 2 INTERNATIONAL
More informationCommitment to investment excellence
Bank of America/Merrill Lynch Banking and Financial Services Conference Commitment to investment excellence Martin L. Flanagan President and Chief Executive Officer Invesco Ltd. November 15, 2011 All information
More informationFranklin Resources, Inc.
Franklin Resources, Inc. Preliminary Fourth Quarter and Fiscal Year Results Greg Johnson Chairman and Chief Executive Officer Ken Lewis Chief Financial Officer October 26, 2016 Forward-Looking Statements
More informationWisdomTree. Q4/14 and 2014 Results
WisdomTree Q4/14 and 2014 Results February 6, 2015 Forward Looking Statement This presentation contains forward-looking statements that are based on our management s belief and assumptions and on information
More informationPress Release For immediate release Brandon Burke, Investor Relations Graham Galt, Media Relations 404-439-3468 404-439-3070 Invesco Reports Results for the Three Months Ended June 30, 2018 Operating margin
More informationQ September Member FINRA/SIPC
Q3 2012 Investor Meetings September 2012 Member FINRA/SIPC Safe harbor disclosure The following information contains forward-looking statements. Forward-looking statements include statements regarding
More informationT. ROWE PRICE GROUP REPORTS FIRST QUARTER 2017 RESULTS
NEWS RELEASE T. ROWE PRICE GROUP REPORTS FIRST QUARTER 2017 RESULTS Assets Under Management Increase to $861.6 Billion BALTIMORE (April 25, 2017) - T. Rowe Price Group, Inc. (NASDAQ-GS: TROW) today reported
More informationI N V E S TO R P R E S E N TAT I O N M AY
I N V E S TO R P R E S E N TAT I O N M AY 2 0 1 5 Forward Looking Statements This presentation contains certain forward-looking statements, including without limitation, statements concerning our operations,
More information2012 FOCUS Executive Leadership Conference Northern Focused Portfolios October 2 nd
N O R T H E R N T R U S T G L O B A L I N V E S T M E N T S 2012 FOCUS Executive Leadership Conference Northern Focused Portfolios October 2 nd Presented by: Melinda Mecca, Moderator Client Solutions Group
More informationGrant Park Multi Alternative Strategies Fund. Why Invest? Profile Since Inception. Consider your alternatives. Invest smarter.
Consider your alternatives. Invest smarter. Grant Park Multi Alternative Strategies Fund GPAIX Executive Summary November 206 Why Invest? 30 years of applied experience managing funds during multiple market
More informationQ Investor Presentation
Q1 2018 Investor Presentation Safe Harbor Statement This material contains forward-looking statements. These statements constitute forward-looking statements within the meaning of Section 21E of the Securities
More informationGOAL ENGINEER SERIES PORTFOLIO HIGHLIGHTS:
GOAL ENGINEER SERIES The Goal Engineer Series combines Northern Trust s asset allocation, portfolio construction and risk management expertise with Engineered Equity TM and active fixed income strategies
More informationNorthCoast CAN SLIM Investment Strategy
NorthCoast CAN SLIM Investment Strategy A growth portfolio with downside risk protection NorthCoast CAN SLIM now available on Morgan Stanley s UMA platform This presentation is to report on the investment
More informationMalibu Boats, Inc. First Quarter Fiscal 2018 Earnings Results November 7th, 2017
Malibu Boats, Inc. First Quarter Fiscal 2018 Earnings Results November 7th, 2017 Safe Harbor Statement This presentation includes forward-looking statements (as such term is defined in the Private Securities
More informationBlackRock Reports Full Year 2014 Diluted EPS of $19.25, or $19.34 as adjusted Fourth Quarter 2014 Diluted EPS of $4.77, or $4.
Tom Wojcik, Investor Relations 212.810.8127 212.810.5596 Brian Beades, Media Relations BlackRock Reports Full Year 2014 Diluted EPS of $19.25, or $19.34 as adjusted Fourth Quarter 2014 Diluted EPS of $4.77,
More informationMorgan Stanley Financials Conference June 12, George R. Aylward President and Chief Executive Officer
Morgan Stanley Financials Conference June 12, 2018 George R. Aylward President and Chief Executive Officer IMPORTANT DISCLOSURES This presentation contains statements that are, or may be considered to
More informationEquity Investing T. ROWE PRICE S GLOBAL STOCK FUND
FUND SPOTLIGHT November 2017 In-depth analysis and insights to inform your decision-making. Equity Investing T. ROWE PRICE S GLOBAL STOCK FUND David Eiswert Portfolio Manager, Global Stock Fund EXECUTIVE
More informationMorgan Stanley Financial Services Conference
Morgan Stanley Financial Services Conference Glenn Youngkin, Managing Director and Chief Operating Officer June 2012 Important Information This presentation has been prepared by The Carlyle Group L.P.
More informationWELCOME 2017 Annual Meeting of Stockholders. May 18, 2017
WELCOME 2017 Annual Meeting of Stockholders May 18, 2017 Edward Tilly Chairman and CEO Meeting Agenda Introduction of Board of Directors and Senior Executives Vote on Proposals Business Review and Update
More informationASSOCIATED INVESTMENT SERVICES, INC. 433 Main Street Green Bay, WI September 24, 2014
ASSOCIATED INVESTMENT SERVICES, INC. 433 Main Street Green Bay, WI 54301 800-595-7722 https://www.associatedbank.com/personal/invest/associated-investment-services-online September 24, 2014 This brochure
More informationMutual Fund Industry Update. Presented to Mutual Fund Directors Forum. Date: December2014
Mutual Fund Industry Update Presented to Mutual Fund Directors Forum Date: December2014 Topics Where We Are Where We re Going Q&A Page 1 Asset Management Industry Trends 1. Retirement still represents
More informationSELECTED FINANCIAL DATA (Dollars in thousands, except per share amounts or unless otherwise noted)
SELECTED FINANCIAL DATA (Dollars in thousands, except per share amounts or unless otherwise noted) Years ended March 31, 2016 2015 2014 2013 2012 OPERATING RESULTS Operating Revenues $ 2,660,844 $ 2,819,106
More informationGAMCO Investors, Inc. Reports First Quarter 2017 Results
One Corporate Center Rye, NY 10580-1422 t 914.921.3700 GABELLI.COM For Immediate Release: Contact:Kieran Caterina or Diane M. LaPointe SVPs and Co-Chief Accounting Officers (914) 921-5149 or 7763 GAMCO
More informationInvestor Relations Presentation
Westwood Investing Where It Counts Investor Relations Presentation As of March 31, 2018 Westwood Firm Overview Our mission is to exceed client expectations through exceptional performance and ethical conduct.
More informationStrategic Update. James P. Gorman, Chairman and Chief Executive Officer January 18, 2018
Strategic Update James P. Gorman, Chairman and Chief Executive Officer January 18, 2018 Notice The information provided herein may include certain non-gaap financial measures. The reconciliation of such
More informationStrategic Partners Mutual Funds Manager Overview
Strategic Partners Mutual Funds Manager Overview DOMESTIC EQUITY FUNDS VALUE Blend Growth LARGE CAP FUNDS SP Core Value Fund SP Equity Income Fund SP Large Cap Value Fund SP Large Cap Core Fund SP Capital
More informationD E L I V E R I N G Half Year Results JUPITER FUND MANAGEMENT PLC
D E L I V E R I N G 2015 Half Year Results 2015 HALF YEAR RESULTS 1 Highlights Executing our strategy Improved investment performance Continued organic flow growth from core mutual fund franchise 1.4bn
More informationWisdomTree. Q4/15 and 2015 Results
WisdomTree Q4/15 and 2015 Results February 5, 2016 Forward looking statement This presentation contains forward-looking statements that are based on our management s belief and assumptions and on information
More informationFranklin Allocation Funds
Asset Allocation Franklin s A TARGETED APPROACH TO ASSET ALLOCATION Franklin Templeton Investments At Franklin Templeton Investments, we re dedicated to one goal: delivering exceptional asset management
More informationExperienced investment management
BRINKER CAPITAL Experienced investment management 30 years of excellence in investment management Our time-tested and disciplined investment process Better outcomes through experience, consistency, and
More informationVoya Financial. Positioned for Leadership Sale of CBVA & Annuities. December 21, 2017
Voya Financial Positioned for Leadership Sale of CBVA & Annuities December 2, 207 Forward-Looking and Other Cautionary Statements This presentation and the remarks made orally contain forward-looking statements.
More informationDeep Experience. THOUGHTFUL INNOVATION. Target date solutions from T. Rowe Price
Deep Experience. THOUGHTFUL INNOVATION. Target date solutions from T. Rowe Price troweprice.com/dcio Investment solutions designed for a multifaceted retirement landscape Today, defined contribution (DC)
More informationMSCI. Raymond James 38 th Annual Institutional Investors Conference. Kathleen Winters, CFO. March 8, 2017
MSCI Raymond James 38 th Annual Institutional Investors Conference Kathleen Winters, CFO March 8, 2017 2017 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document. FORWARD
More informationBlackRock Reports Third Quarter 2017 Diluted EPS of $5.78, or $5.92 as adjusted
Tom Wojcik, Investor Relations Brian Beades, Media Relations 212.810.8127 212.810.5596 BlackRock Reports Third Quarter 2017 Diluted EPS of $5.78, or $5.92 as adjusted $96 billion of total net inflows in
More informationBest practices for multiple sub-adviser mutual funds
Best practices for multiple sub-adviser mutual funds Operational and compliance best practices for mutual fund portfolios with multiple sub-advisers Proliferation of sub-advised mutual funds The continual
More informationIGM FINANCIAL Scotiabank GBM Financials Summit. September 5, 2012
IGM FINANCIAL Scotiabank GBM Financials Summit September 5, 2012 Caution Concerning Forward Looking Statements Certain statements in this report other than statements of historical fact, are forward-looking
More informationDeep Experience. THOUGHTFUL INNOVATION. Target date solutions from T. Rowe Price
Deep Experience. THOUGHTFUL INNOVATION. Target date solutions from T. Rowe Price troweprice.com/tdf Investment solutions designed for a multifaceted retirement landscape Today, defined contribution (DC)
More informationESG Policy & Process. 1. Overview and Philosophy
Wells Capital Management ESG Policy & Process Updated March 2018 1. Overview and Philosophy Through our independent and specialized investment teams, Wells Fargo Asset Management ( WFAM ) 1 brings together
More informationStrategic Differentiation
Strategic Differentiation Lehman Brothers 2005 Financial Services Conference The Hilton New York September 14, 2005 Copyright 2005 by Corporation Forward Looking Statement This presentation may include
More informationBlueLinx Third Quarter 2018 Earnings Webcast
BlueLinx Third Quarter 2018 Earnings Webcast Notes To Investors Forward-Looking Statements. This presentation includes forward-looking statements within the meaning of the Private Securities Litigation
More informationFocus Financial Partners. Loring Ward to Merge with The Buckingham Family of Financial Services
Focus Financial Partners Loring Ward to Merge with The Buckingham Family of Financial Services September 27, 2018 Disclaimer Special Note Regarding Forward-Looking Statements Some of the information in
More informationINVESTOR PRESENTATION
The Hartford Financial Services Group, Inc. November 2015 INVESTOR PRESENTATION Copyright 2015 by The Hartford. All rights reserved. No part of this document may be reproduced, published or posted without
More informationAshmore Group plc. Results for six months ending 31 December February
Ashmore Group plc Results for six months ending 31 December 2017 8 February 2018 www.ashmoregroup.com Overview Accelerating growth and outperformance across Emerging Markets GDP growth driven by exports,
More informationNavigator Global Equity ETF
CCM-17-12-3 As of 12/31/2017 Navigator Global Equity ETF Navigate Global Equity with a Dynamic Approach The world s financial markets offer a variety of growth opportunities, but identifying the right
More information