Manning & Napier Pro-Blend Max Term L MNHCX

On March 20, 2023, Manning & Napier announced four more departures from its Pro-Blend series’ investment team. This news follows the March 1 departure of Ebrahim Busheri, the firm’s head of investments and one of three long-tenured portfolio managers responsible for tactical allocation calls and equity selection at this series. (Jay Welles, former head of the tech analyst team, took Busheri’s role as a comanager and now leads the fundamental team.) Christian Andreach, another member of that manager trio and head of the consumer sector team, will leave the firm at the end of June 2023. In addition, Eric Daniels, who leads the life sciences team, will leave in June, and two senior analysts—Habibe Hakiqi on the consumer team and Michele Panzeri on the services sector team—will depart in March. This is a significant loss of talent, but it doesn’t impact the series’ People rating, which was just downgraded to Average from Above Average in February based on the news of Busheri’s departure and the likelihood of further changes. The series also retains its Bronze Morningstar Analyst Rating for its cheapest share class and Neutral ratings for the others. Taking Andreach’s place on the manager roster is Beth Mallette, head of the capital goods sector team and a 16-year firm veteran. Senior analyst Sahil Bhatia will now lead the life sciences team, supported by two equity research associates, in Daniels’ stead. Jake Boak, a senior analyst on the tech team, will take Andreach’s role leading the consumer team. Another senior analyst on the tech team, James Slentz, will lead that team as Welles focuses on his new duties.