Alternative asset manager makes $53M bet on Manning & Napier

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A new strategic investment is positioning Fairport-based Manning & Napier for expanded growth in wealth management and financial product innovation. 

Florida-based Abacus Global Management (NYSE: ABX) recently announced it has entered into a definitive agreement to acquire a roughly $53 million minority equity stake in the firm, which manages about $18 billion in total assets. 

The investment will be paired with a strategic alliance agreement between the companies designed to drive growth through product distribution, client referrals and the development of new financial planning tools. 

Executives said the partnership allows both firms to leverage their core strengths while preserving Manning & Napier’s independent operations. 

The partnership represents a milestone for Manning & Napier, according to Paul Battaglia, the firm’s president and chief financial officer. He said the alliance affirms the company’s long-term strategic direction. 

“Abacus Global Management’s strategic capital investment positions us to deliver meaningful benefits for our clients, advisor partners and employees,” Battaglia said. “We’re excited to have a long-term partner that believes in our vision and will help provide the resources and tools needed to bring that vision to life.” 

The transaction is expected to close in the second quarter of 2026, subject to customary closing conditions and regulatory approvals. 

Jay Jackson, Abacus CEO, said Manning & Napier’s long-standing wealth advisory platform, which serves roughly 3,400 clients, adds an important distribution and advisory channel to Abacus’ expanding investment ecosystem. 

“As part of this investment, we are building a longevity-focused wealth ecosystem that we believe will generate significant value for our customers and shareholders,” he said, adding that the investment, “represents a defining moment in Abacus’s evolution from a life solutions originator to a fully integrated, longevity-focused alternative asset management platform.” 

The alliance centers on three primary initiatives. 

First, Manning & Napier advisors will be able to offer a range of investment products developed by Abacus Asset Group, including exchange-traded funds, longevity-focused investment funds and asset-based finance strategies. 

Second, the companies will create a referral pipeline between their businesses. Abacus’ Life Solutions platform generates roughly 10,000 customer leads each month; many tied to life settlement transactions.  

Under the agreement, some of those individuals—such as those receiving settlement proceeds or those not suited for Abacus’ core offerings—may be referred to Manning & Napier’s wealth advisory services. 

In turn, Manning & Napier’s client base could provide opportunities for referrals to Abacus’ longevity-focused financial products. 

The third component involves joint product development. The companies plan to collaborate on lifespan-based financial planning solutions that combine Abacus’ proprietary longevity data platform, LifeARC, with Manning & Napier’s planning expertise and advisory infrastructure. 

Founded in 1970 and headquartered in Fairport, Manning & Napier provides investment management and advisory services to a diverse range of clients, including high-net-worth individuals, institutions, Taft-Hartley plans, endowments and foundations.  

The firm employs roughly 220 people in the Rochester area and operates offices in Dublin, Ohio, St. Petersburg, Florida and Seattle, Washington. 

The business announced last month that it would transition to a divisional leadership model, led by its respective Wealth Management and Asset Management leadership teams, following the retirement on March 31st of CEO Marc Mayer.  

Manning & Napier was acquired in 2022 by Boston-based Callodine Group, backed by East Asset Management.   

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