Founded in 1970 by Bill Manning and Bill Napier, this New York-based boutique invests across broad asset classes. Several experienced and accomplished investors contribute to the firm’s well-curated lineup of mutual funds, separately managed accounts, and collective investment trusts. Many of these exhibit competitive historical performance profiles, and fees are decent relative to the industry standard.
Still, challenges remain. Privately owned for decades, the firm went public in 2011. Following a period of outflows and two waves of personnel turnover, the firm appeared to stabilize in 2020 when cofounder Bill Manning sold his ownership stake back to the firm. But in October 2022, Callodine Group--a hands-off asset manager founded in 2018 by former Fidelity fund manager James Morrow--acquired the firm at a 41% premium and returned it to private ownership. In the wake of this news, Ebrahim Busheri, who served as head of investments, announced his departure and a couple of analysts left. Still, this acquisition means the firm won’t face public-markets ire, and Morrow, who has roots and resources in upstate New York, sees himself as a long-term holder of the firm.