0001524223-21-000016 | 10-K | XBRL Viewer

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2020	Mar. 10, 2021	Jun. 30, 2020
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Entity File Number	001-35355
Entity Registrant Name	MANNING & NAPIER, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-2609100
Entity Address, Address Line One	290 Woodcliff Dr
Entity Address, City or Town	Fairport
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14450
City Area Code	585
Local Phone Number	325-6880
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Common Stock, Shares Outstanding		17,141,004
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive Proxy Statement for its 2021 Annual Meeting of Stockholders to be held June 16, 2021 are incorporated by reference into Part III of this Form 10-K.
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0001524223
Current Fiscal Year End Date	--12-31
Entity Public Float			$ 42.3
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Shell Company	false
Common Class A
Document Information [Line Items]
Title of 12(b) Security	Class A common stock, $0.01 par value per share
Trading Symbol	MN
Security Exchange Name	NYSE
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock Purchase Rights
Trading Symbol	MN
Security Exchange Name	NYSE

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 57,635	$ 67,088
Accounts receivable	11,915	10,182
Investment securities	23,497	90,467
Prepaid expenses and other assets	15,711	5,607
Total current assets	108,758	173,344
Property and equipment, net	3,075	4,565
Operating lease right-of-use assets	16,405	18,795
Net deferred tax assets, non-current	19,645	20,668
Goodwill	4,829	4,829
Other long-term assets	3,373	4,010
Total assets	156,085	226,211
Liabilities
Accounts payable	1,787	1,614
Accrued expenses and other liabilities	36,439	26,201
Deferred revenue	11,476	10,759
Total current liabilities	49,702	38,574
Operating lease liabilities, non-current	16,646	18,753
Other long-term liabilities	221	2,017
Amounts payable under tax receivable agreement, non-current	13,759	17,246
Total liabilities	80,328	76,590
Commitments and contingencies (Note 11)
Shareholders’ equity
Class A common stock, $0.01 par value; 300,000,000 shares authorized, 16,989,943 and 15,956,526 issued and outstanding at December 31, 2020 and December 31, 2019, respectively	170	160
Additional paid-in capital	111,848	198,516
Retained deficit	(28,826)	(38,478)
Accumulated other comprehensive income	(235)	(50)
Total shareholders’ equity	82,957	160,148
Noncontrolling interests	(7,200)	(10,527)
Total shareholders’ equity and noncontrolling interests	75,757	149,621
Total liabilities, shareholders’ equity and noncontrolling interests	$ 156,085	$ 226,211

Consolidated Statements of Financial Condition (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	16,989,943	15,956,526
Common stock, shares outstanding	16,989,943	15,956,526

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenues
Revenues	$ 127,034	$ 136,001
Expenses
Compensation and related costs	74,397	80,967
Distribution, servicing and custody expenses	10,239	12,568
Other operating costs	28,586	39,758
Total operating expenses	113,222	133,293
Operating income	13,812	2,708
Non-operating income (loss)
Interest expense	(11)	(26)
Interest and dividend income	934	3,262
Change in liability under tax receivable agreement	(1,803)	(199)
Net gains (losses) on investments	888	1,677
Gain on sale of business	0	2,883
Total non-operating income (loss)	8	7,597
Income before provision for (benefit from) income taxes	13,820	10,305
Provision for (benefit from) income taxes	(106)	448
Net income attributable to controlling and noncontrolling interests	13,926	9,857
Less: net income attributable to noncontrolling interests	3,922	8,424
Net income attributable to Manning & Napier, Inc.	$ 10,004	$ 1,433
Net income per share available to Class A common stock
Basic (dollars per share)	$ 0.61	$ 0.10
Diluted (dollars per share)	$ 0.29	$ 0.09
Weighted average shares of Class A common stock outstanding
Basic (in shares)	16,147,469	15,216,707
Diluted (in shares)	41,611,219	77,973,919
Wealth Management
Revenues
Revenues	$ 56,334	$ 56,583
Institutional and Intermediary
Revenues
Revenues	52,169	59,050
Distribution and shareholder servicing
Revenues
Revenues	9,274	10,227
Custodial services
Revenues
Revenues	6,217	6,864
Other revenue
Revenues
Revenues	$ 3,040	$ 3,277

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income attributable to controlling and noncontrolling interests	$ 13,926	$ 9,857
Net unrealized holding gains (losses) on investment securities, net of tax	(291)	142
Reclassification adjustment for realized (gains) losses on investment securities included in net income	(176)	(23)
Comprehensive income	13,459	9,976
Less: Comprehensive income attributable to noncontrolling interest	3,640	8,516
Comprehensive income attributable to Manning & Napier, Inc.	$ 9,819	$ 1,460

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Consolidated Statements of Shareholders Equity - USD ($) $ in Thousands	Total	Additional Paid-In Capital	Retained Deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest	Class A common stock Common Stock
Balance at Dec. 31, 2018	$ 146,243	$ 198,604	$ (38,865)	$ (77)	$ (13,572)	$ 153
Balance, Shares at Dec. 31, 2018						15,310,958
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to controlling and noncontrolling interests	9,857		1,433		8,424
Distributions to noncontrolling interests	(5,854)				(5,854)
Net changes in unrealized investment securities gains or losses	142			27	115
Common stock issued under equity compensation plan, shares						645,568
Common stock issued under equity compensation plan, net of forfeitures	0	(7)				$ 7
Shares withheld to satisfy tax withholding requirements related to equity awards	(350)	(66)			(284)
Equity-based compensation	3,680	696			2,984
Dividends declared on Class A common stock	(1,122)		(1,122)
Impact of changes in ownership of Manning & Napier Group, LLC (Note 4)	(3,051)	(711)			(2,340)
Balance at Dec. 31, 2019	149,621	198,516	(38,478)	(50)	(10,527)	$ 160
Balance, Shares at Dec. 31, 2019						15,956,526
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to controlling and noncontrolling interests	13,926		10,004		3,922
Distributions to noncontrolling interests	(759)				(759)
Net changes in unrealized investment securities gains or losses	(291)			(185)	(106)
Common stock issued under equity compensation plan, shares						1,033,417
Common stock issued under equity compensation plan, net of forfeitures	0	(10)				$ 10
Shares withheld to satisfy tax withholding requirements related to equity awards	(2,577)	(1,640)			(937)
Equity-based compensation	3,816	2,429			1,387
Dividends declared on Class A common stock	(352)		(352)
Impact of changes in ownership of Manning & Napier Group, LLC (Note 4)	(90,785)	(90,605)			(180)
Balance at Dec. 31, 2020	75,757	111,848	$ (28,826)	$ (235)	$ (7,200)	$ 170
Balance, Shares at Dec. 31, 2020						16,989,943
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adjustments to additional paid in capital, deferred taxes	$ 3,158	$ 3,158

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Class A common stock
Cash dividends declared per share of Class A common stock (dollars per share)	$ 0.02	$ 0.08

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income attributable to controlling and noncontrolling interests	$ 13,926	$ 9,857
Adjustments to reconcile net income to net cash provided by operating activities:
Equity-based compensation	3,816	3,680
Depreciation and amortization	1,536	3,763
Change in amounts payable under tax receivable agreement	1,803	199
Impairment of long-lived assets	663	0
Gain on sale of intangible assets	(21)	(194)
Gain on sale of business	0	(2,883)
Net (gains) losses on investment securities	(888)	(1,677)
Deferred income taxes	(153)	203
(Increase) decrease in operating assets and increase (decrease) in operating liabilities:
Accounts receivable	(1,733)	1,253
Prepaid expenses and other assets	(5,454)	(408)
Other long-term assets	3,012	2,453
Accounts payable	173	(231)
Accrued expenses and other liabilities	4,658	(1,298)
Deferred revenue	716	1,455
Other long-term liabilities	(4,441)	(1,207)
Net cash provided by operating activities	17,613	14,965
Cash flows from investing activities:
Purchase of property and equipment	(230)	(2,461)
Sale of investments	74,127	13,165
Purchase of investments	(25,281)	(119,001)
Sale of intangible assets	21	194
Proceeds from sale of business, net	0	2,902
Proceeds from maturity of investments	18,720	108,378
Net cash provided by investing activities	67,357	3,177
Cash flows from financing activities:
Distributions to noncontrolling interests	(759)	(5,854)
Dividends paid on Class A common stock	(645)	(1,244)
Payment of shares withheld to satisfy withholding requirements	(2,131)	(350)
Payment of capital lease obligations	(103)	(141)
Purchase of Class A units of Manning & Napier Group, LLC	(90,785)	(3,051)
Net cash used in financing activities	(94,423)	(10,640)
Net increase (decrease) in cash and cash equivalents	(9,453)	7,502
Cash and cash equivalents:
Beginning of period	67,088	59,586
End of period	57,635	67,088
Supplemental disclosures:
Cash paid during the period for interest	12	26
Cash payments during the period for taxes, net of refunds	1,047	238
Non-cash investing and financing activities:
Capital expenditures in accounts payable and accruals	17	247
Equipment acquired through capital lease obligation	40	175
Accrued dividends	$ 0	$ 312

Organization and Nature of the Business	12 Months Ended
Organization and Nature of the Business	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of the Business	Organization and Nature of the Business Manning & Napier, Inc. ("Manning & Napier" or the "Company") provides a broad range of investment solutions through separately managed accounts, mutual funds, and collective investment trust funds, as well as a variety of consultative services that complement its investment process. Founded in 1970, the Company offers equity, fixed income and alternative strategies, as well as a range of blended asset portfolios, including life cycle funds. Headquartered in Fairport, New York, the Company serves a diversified client base of high-net-worth individuals and institutions, including 401(k) plans, pension plans, Taft-Hartley plans, endowments and foundations. The Company was incorporated in 2011 as a Delaware corporation, and is the sole managing member of Manning & Napier Group, LLC and its subsidiaries (“Manning & Napier Group”), a holding company for the investment management businesses conducted by its operating subsidiaries. The diagram below depicts the Company's organizational structure as of December 31, 2020. Manning & Napier Group completed the redemption of 60,012,419 of its Class A units held by M&N Group Holdings, LLC ("M&N Group Holdings") and Manning & Napier Capital Company, LLC ("MNCC") on May 11, 2020 with payment made from its cash, cash equivalents and proceeds from the sale of investment securities. Subsequent to the redemption, the Class A units were retired and as a result, the Company's ownership of Manning & Napier Group increased from 19.5% to 88.2% as of May 11, 2020 (Refer to Note 4 for further discussion). The diagram below depicts the Company's organization structure as of December 31, 2020. _____________________ (1)The consolidated operating subsidiaries of Manning & Napier Group include Manning & Napier Advisors, LLC ("MNA"), Manning & Napier Investor Services, Inc., Exeter Trust Company and Rainier Investment Management, LLC ("Rainier").

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and related rules and regulations of the U.S. Securities and Exchange Commission (the "SEC"). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates or assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results could differ from these estimates or assumptions. Summary of Presentation Changes As of January 1, 2020, the Company revised its presentation of investment management revenue within its consolidated statements of operations. Investment management revenue, previously presented by investment vehicle, has been disaggregated to present investment management revenue by sales channel. Concurrently, the Company revised the presentation of assets under management ("AUM") activity previously reported by investment vehicle to present this activity by sales channel. Amounts for the comparative prior periods have been reclassified to conform to the current period presentation. These reclassifications had no impact on previously reported net income and do not represent a restatement of any previously published financial results. Principles of Consolidation The Company consolidated all majority-owned subsidiaries. In addition, as of December 31, 2020, Manning & Napier holds an economic interest of approximately 88.6% in Manning & Napier Group, and, as managing member, controls all of the business and affairs of Manning & Napier Group. As a result, the Company consolidates the financial results of Manning & Napier Group and records a non-controlling interest on its consolidated statements of financial condition with respect to the remaining economic interest in Manning & Napier Group held by M&N Group Holdings and MNCC. All material intercompany transactions have been eliminated in consolidation. In accordance with Accounting Standards Update ("ASU") 2015-02, Consolidation (Topic 810) – Amendments to the Consolidation Analysis, the determination of whether a company is required to consolidate an entity is based on, among other things, an entity’s purpose and design, a company’s ability to direct the activities of the entity that most significantly impact the entity’s economic performance, and whether a company is obligated to absorb losses or receive benefits that could potentially be significant to the entity. The standard also requires ongoing assessments of whether a company is the primary beneficiary of a variable interest entity (“VIE”). When utilizing the voting interest entity (“VOE”) model, controlling financial interest is generally defined as majority ownership of voting interests. The Company provides seed capital to its investment teams to develop new products and services for its clients. The original seed investment may be held in a separately managed account, comprised solely of the Company's investments or within a mutual fund, where the Company's investments may represent all or only a portion of the total equity invested in the mutual fund. Pursuant to U.S. GAAP, the Company evaluates its investments in mutual funds on a regular basis and consolidates such mutual funds for which it holds a controlling financial interest. When no longer deemed to hold a controlling financial interest, the Company would deconsolidate the fund and classify the remaining investment as either an equity method investment or as trading securities, as applicable. As of December 31, 2020 and December 31, 2019, the Company did not have investments classified as an equity method investment. The Company serves as the investment adviser for Manning & Napier Fund, Inc. series of mutual funds (the “Fund”), Exeter Trust Company Collective Investment Trusts (“CIT”) and Rainier Multiple Investment Trust. The Fund, CIT and Rainier Multiple Investment Trust are legal entities, the business and affairs of which are managed by their respective boards of directors. As a result, each of these entities is a VOE. The Company holds, in limited cases, direct investments in a mutual fund (which are made on the same terms as are available to other investors) and consolidates each of these entities where it has a controlling financial interest or a majority voting interest. The Company's investments in the Fund amounted to approximately $1.0 million and $3.2 million at December 31, 2020 and 2019, respectively. As of December 31, 2020 and 2019, the Company did not have a controlling financial interest in any mutual fund. Operating Segments The Company operates in one segment, the investment management industry. The Company primarily provides investment management services to separately managed accounts, mutual funds and collective investment trust funds. Management assesses the financial performance of these vehicles on a combined basis. Revenue Investment Management: Investment management fees are computed as a percentage of assets under management ("AUM"). The Company's performance obligation is a series of services that form part of a single performance obligation satisfied over time. Separately managed accounts are paid in advance, typically for a semi-annual or quarterly period, or in arrears, typically for a monthly or quarterly period. When investment management fees are paid in advance, the Company defers the revenue as a contract liability and recognizes it over the applicable period. When investment management fees are paid in arrears, the Company estimates revenue and records a contract asset (accrued accounts receivable) based on AUM as of the most recent month end date. Mutual funds and collective investment trust investment management revenue is calculated and earned daily based on AUM. Revenue is presented net of cash rebates and fees waived pursuant to contractual expense limitations of the funds. The Company also has agreements with third parties who provide recordkeeping and administrative services for employee benefit plans participating in the collective investment trusts. The Company is acting as an agent on behalf of the employee benefit plan sponsors, therefore, investment management revenue is recorded net of fees paid to third party service providers. Distribution and shareholder servicing: The Company receives distribution and servicing fees for providing services to its affiliated mutual funds. Revenue is computed and earned daily based on a percentage of AUM. The performance obligation is a series of services that form part of a single performance obligation satisfied over time. The Company has agreements with third parties who provide distribution and administrative services for its mutual funds. The agreements are evaluated to determine whether revenue should be reported gross or net of payments to third-party service providers. The Company controls the services provided and acts as a principal in the relationship. Therefore, distribution and shareholder servicing revenue is recorded gross of fees paid to third parties. Custodial services: Custodial service fees are calculated as a percentage of the client’s market value with additional fees charged for certain transactions. For the safeguarding and administrative services that are subject to a percentage of market value fee, the Company's performance obligation is a series of services that form part of a single performance obligation satisfied over time. Revenue for transactions assigned a stand-alone selling price is recognized in the period which the transaction is executed. Custodial service fees are billed monthly in arrears. The Company has agreements with third parties who provide safeguarding, recordkeeping and administrative services for their clients. The Company controls the services provided and acts as a principal in the relationship. Therefore, custodial service revenue is recorded gross of fees paid to third parties. Costs to Obtain a Contract Under compensation plans in effect for periods prior to January 1, 2020, certain incremental first year commissions directly associated with new customer contracts were capitalized and amortized on a straight-line basis over an estimated customer contract period of 3 to 7 years. Refer to Note 3 for further discussion. Cash and Cash Equivalents The Company generally considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents are primarily held in operating accounts at major financial institutions and also in money market securities. Cash equivalents are stated at cost, which approximates market value due to the short-term maturity of these investments. The fair value of cash equivalents have been classified as Level 1 in accordance with the fair value hierarchy. Investment Securities Investment securities are classified as either equity investments, trading, equity method investments or available-for-sale and are carried at fair value. Fair value is determined based on quoted market prices in active markets for identical or similar instruments. Investment securities classified as equity investments, at fair value consist of equity securities and investments in mutual funds for which the Company provides advisory services. Realized and unrealized gains and losses on equity investments, at fair value or trading investments, as applicable, are recorded in net gains (losses) on investments in the consolidated statements of operations. At December 31, 2020 and 2019, equity investments, at fair value consist of investments held by the Company for the purpose of providing initial cash seeding for product development purposes and investments to hedge economic exposure to market movements on its deferred compensation plan. Investments classified as equity method investments represent seed investments in which the Company owns between 20-50% of the outstanding voting interests in the affiliated fund or when it is determined that the Company is able to exercise significant influence but not control over the investments. If the seed investment results in significant influence, but not control, the investment will be accounted for as an equity method investment. When using the equity method, the Company recognizes its share of the investee's net income or loss for the period which is recorded in net gains (losses) on investments in the consolidated statements of operations. Investment securities classified as available-for-sale consist of U.S. Treasury notes, corporate bonds and other short-term investments. Unrealized gains and losses on available-for-sale securities are excluded from earnings and are reported, net of deferred income tax, as a separate component of accumulated other comprehensive income in stockholders’ equity until realized. The Company periodically reviews each individual security position that has an unrealized loss, or impairment, to determine if that impairment is other-than-temporary. If impairment is determined to be other-than-temporary, the carrying value of the security will be written down to fair value and the loss will be recognized in earnings. Realized gains and losses on sales of available-for-sale securities are computed on a specific identification basis and are recorded in net gains (losses) on investments in the consolidated statements of operations. Accounts Receivable Accounts receivable represents the Company's unconditional rights to consideration arising from its performance under separately managed account, mutual fund and collective investment trust, distribution and shareholder servicing and custodial contracts. The Company’s accounts receivable balances do not include any significant allowance for doubtful accounts nor has any significant bad debt expense attributable to accounts receivable been recorded for the years ended December 31, 2020 or 2019. Accounts receivable are stated at cost, which approximates market value due to the short-term collection of balances. The fair value of accounts receivable have been classified as Level 1 in accordance with the fair value hierarchy. Property, Equipment, Software and Depreciation Property and equipment are recorded at cost, less accumulated depreciation. Property and equipment are depreciated on a straight-line basis over the applicable life of the asset class; generally three to five years for equipment and seven years for furniture and fixtures. Leasehold improvements are depreciated over the shorter of the estimated useful life of the asset or the remaining expected lease term. Internal and external costs incurred in connection with developing or obtaining software for internal use are capitalized and reported within property and equipment in the consolidated statement of financial condition as of December 31, 2020 and 2019. The capitalized costs are amortized over the estimated useful lives of the software, which range from three to five years, beginning when the software project is complete and ready for its intended use. Internal and external costs capitalized in connection with hosted software arrangements are reported within prepaid expenses and other assets in the consolidated statement of financial condition as of December 31, 2020. The capitalized costs are amortized over the term of the hosting arrangement, beginning when the software project is complete and ready for its intended use. Gains or losses upon sale or other disposition of fixed assets are included in the consolidated statements of operations. Goodwill Goodwill represents the excess cost over the fair value of the identifiable net assets of acquired companies. The Company attributes all goodwill to its single reporting unit. Goodwill is tested for impairment annually during the fourth quarter or more frequently if events or changes in circumstances indicate that the carrying value may not be recoverable. There were no facts or circumstances occurring during 2020 or 2019 suggesting possible impairment. Intangible Assets Amortizing identifiable intangible assets generally represent the cost of client relationships and trademarks acquired. In valuing these assets, the Company makes assumptions regarding useful lives and projected growth rates, and significant judgment is required. The Company periodically reviews its identifiable intangible assets for impairment as events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. If the carrying amounts of those assets exceed their respective fair values, additional impairment tests are performed to measure the amount of the impairment losses, if any. Non-amortizing intangible assets generally represent the cost of mutual fund management contracts acquired. Non-amortizing intangible assets are tested for impairment in the fourth quarter of each fiscal year, or more frequently if events or circumstances indicate that the carrying value may not be recoverable, by comparing the fair values of the management contracts acquired to their carrying values. The Company establishes fair value for purposes of impairment test using the income approach. If the carrying value of a management contract acquired exceeds its fair value, an impairment loss is recognized equal to that excess. Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use ("ROU") assets, accrued expenses and other liabilities and operating lease liabilities, non-current on its consolidated statements of financial condition. Finance leases are included in other long-term assets, accrued expenses and other liabilities, and other long-term liabilities on its consolidated statements of financial condition. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate, for each identified lease, is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term. The operating lease ROU asset is reduced for any lease incentives. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are combined for all classes of underlying assets. Impairment of Long-Lived Assets The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical cost carrying value of an asset may no longer be appropriate. During the twelve months ended December 31, 2020, a downturn in the commercial real estate market indicated that an asset group, including previously vacated office space, may not be recoverable. The Company assessed recoverability of the asset group by comparing the undiscounted future net cash flows expected to result from the asset group to its carrying value. The carrying value exceeded the undiscounted future net cash flows of the asset, and an impairment loss of approximately $0.7 million was recognized during the twelve months ended December 31, 2020 as the difference between the net book value and the fair value of the asset group. Equity-Based Compensation The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The Company recognizes this cost over the period during which an employee is required to provide service in exchange for the award, and accounts for forfeitures as they occur. See Note 14 for additional information on equity-based compensation. Deferred Compensation The Company issues deferred cash awards to certain employees which are linked in value to selected Manning & Napier series of mutual funds under its 2018 Long-Term Incentive Plan. The employees earn a return linked to the appreciation or depreciation based on these series of mutual funds. The Company currently hedges economically the exposure to market movements on its deferred compensation plan by holding investments in the Manning & Napier series of mutual funds on its balance sheet. The Company recognizes as compensation expense the value of the liability to employees, including the appreciation or depreciation of the liability, over the award's vesting period in proportion to the vested amount of the award. The Company immediately recognizes the full value of the related investment, and any subsequent appreciation or depreciation of the investment, in Net gains (losses) on investments in the consolidated statements of operations. Income Taxes The Company records a tax provision for the anticipated tax consequences of the reported results of operations. The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, and for operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. The Company records a valuation allowance, if necessary, to reduce deferred tax assets to the amount that is believed more likely than not to be realized. The Company recognizes tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Comprehensive Income (Loss) Comprehensive income is a measure of income which includes net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) consists of the change in unrealized gains and losses on available-for-sale investments. The changes in the balances of components comprising other comprehensive income (loss) are presented in the accompanying consolidated statements of comprehensive income for the years ended December 31, 2020 and 2019. Loss Contingencies The Company accrues for estimated costs, including legal costs related to existing lawsuits, claims and proceedings when it is probable that a liability has been incurred and the costs can be reasonably estimated. Potential loss contingencies and related accruals are reviewed at least quarterly and are adjusted to reflect the impact and status of settlements, rulings, advice of counsel and other information pertinent to a particular matter. Significant differences could exist between the actual cost required to investigate, litigate and/or settle a claim or the ultimate outcome of a suit and management’s estimate. These differences could have a material impact on the Company’s consolidated financial statements. No loss accruals were recorded as of December 31, 2020 and 2019. Recent Accounting Pronouncements In August 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. The amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements that currently exist in U.S. GAAP for capitalizing implementation costs incurred to develop or obtain internal-use software. Under the new standard, implementation costs are deferred and presented in the same financial statement caption on the consolidated statements of financial condition as a prepayment of related arrangement fees. The deferred costs are recognized over the term of the arrangement in the same financial statement caption in the consolidated statements of operations as the related fees of the arrangement. The Company adopted the provisions of this guidance using the prospective adoption approach, which does not require the restatement of prior years. The adoption of this ASU did not have a material impact on the Company's statement of operations as requirements under the standard are generally consistent with its previous accounting for cloud computing arrangements, with the primary difference being the classification of certain information in its statements of financial condition and related disclosures. As of December 31, 2020, the Company had a total of approximately $5.4 million of capitalized implementation costs for hosting arrangements within prepaid expenses and other assets on its consolidated statements of financial condition, with $0.1 million in accumulated amortization and $0.1 million in amortization expense recognized during the twelve months ended December 31, 2020. At December 31, 2019, approximately $0.4 million of these costs were capitalized within property and equipment, net. The hosting arrangements that are service contracts include internal and external costs related to various technology additions in support of the Company's business. Amortization costs are recorded on a straight-line basis over the term of the hosting arrangement agreement. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment, which simplifies the accounting for goodwill impairments by eliminating step two from the goodwill impairment test. The ASU requires goodwill impairments to be measured on the basis of the fair value of the reporting unit relative to the reporting unit's carrying amount rather than on the basis of the implied amount of goodwill relative to the goodwill balance of the reporting unit. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements.

Revenue, Contract Assets and Contract Liabilities (Notes)

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue, Contract Assets and Contract Liabilities

Disaggregated Revenue

The following table represents the Company’s wealth management and institutional and intermediary investment management revenue by investment portfolio during the years ended December 31, 2020 and 2019:


	Year ended December 31, 2020
		Wealth Management		Institutional and Intermediary		Total
		(in thousands)
Blended Asset		$	49,391	$	32,221	$	81,612
Equity		6,359		18,536		24,895
Fixed Income		584		1,412		1,996
Total		$	56,334	$	52,169	$	108,503


	Year ended December 31, 2019
		Wealth Management		Institutional and Intermediary		Total
		(in thousands)
Blended Asset		$	49,312	$	34,368	$	83,680
Equity		6,431		23,158		29,589
Fixed Income		840		1,524		2,364
Total		$	56,583	$	59,050	$	115,633

Accounts Receivable

Accounts receivable as of December 31, 2020 and December 31, 2019 consisted of the following:


	December 31, 2020		December 31, 2019
	(in thousands)
Accounts receivable - third parties	$	7,315	$	5,778
Accounts receivable - affiliated mutual funds and collective investment trusts	4,600		4,404
Total accounts receivable	$	11,915	$	10,182

Accounts receivable: Accounts receivable represents the Company's unconditional rights to consideration arising from its performance under separately managed account, mutual fund and collective investment trust, distribution and shareholder servicing, and custodial service contracts. Accounts receivable balances do not include an allowance for doubtful accounts nor has any significant bad debt expense attributable to accounts receivable been recorded during the years ended December 31, 2020 or 2019.

Advisory and Distribution Agreements

The Company earns investment advisory fees, distribution fees and administrative service fees under agreements with affiliated mutual funds and collective investment trusts. Fees earned for advisory and distribution services provided were approximately $36.5 million and $40.5 million during the years ended December 31, 2020 and 2019, respectively, which represents greater than 10% of revenue in each period. The following provides amounts due from affiliated mutual funds and collective investment trusts reported within accounts receivable in the consolidated statement of financial condition as of December 31, 2020 and December 31, 2019:


	December 31, 2020		December 31, 2019
	(in thousands)
Affiliated mutual funds	$	3,275	$	3,164
Affiliated collective investment trusts	1,325		1,240
Accounts receivable - affiliated mutual funds and collective investment trusts	$	4,600	$	4,404

Contract assets and liabilities

Accrued accounts receivable: Accrued accounts receivable represents the Company's contract asset for revenue that has been recognized in advance of billing separately managed account contracts. Consideration for the period billed in arrears is dependent on the client’s AUM on a future billing date and therefore conditional as of the reporting period end. During the years ended December 31, 2020 and 2019, revenue was increased by less than $0.1 million for changes in transaction price, respectively. Accrued accounts receivable of $0.3 million is reported within prepaid expenses and other assets in the consolidated statement of financial condition as of December 31, 2020 and 2019.

Deferred revenue: Deferred revenue is recorded when consideration is received or unconditionally due in advance of providing services to the Company's customer. Revenue recognized during the years ended December 31, 2020 and 2019 that was included in deferred revenue at the beginning of the period was approximately $10.6 million and $8.8 million, respectively.

Costs to obtain a contract: Under compensation plans in effect for periods prior to January 1, 2020, incremental first year commissions directly associated with new separate account and collective investment trust contracts were capitalized and amortized straight-line over an estimated customer contract period of 3 years to 7 years . The total net asset as of December 31, 2020 and 2019 was approximately $0.7 million and $1.0 million, respectively. Amortization expense included in compensation and related costs totaled approximately $0.3 million and $0.4 million during the years ended December 31, 2020 and 2019, respectively. Impairment losses of approximately $0.1 million were recognized during each the years ended December 31, 2020 and 2019 related to contract acquisition costs for client contracts that canceled during the respective period.

Noncontrolling Interests

12 Months Ended

Dec. 31, 2020

Noncontrolling Interest [Abstract]

Noncontrolling Interests

Noncontrolling InterestsManning & Napier holds an economic interest of approximately 88.6% in Manning & Napier Group, and as managing member controls all of the business and affairs of Manning & Napier Group. As a result, the Company consolidates the financial results of Manning & Napier Group and records a noncontrolling interest on its consolidated statement of financial conditions with respect to the remaining approximately 11.4% economic interest in Manning & Napier Group held by M&N Group Holdings and MNCC. Net income attributable to noncontrolling interests on the consolidated statements of operations represents the portion of earnings attributable to the economic interest in Manning & Napier Group held by the noncontrolling interests.

The following provides a reconciliation from “Income before provision for (benefit from) income taxes” to “Net income attributable to Manning & Napier, Inc.”:


	Year Ended December 31,
	2020			2019
	(in thousands)
Income before provision for (benefit from) income taxes	$	13,820		$	10,305
Less: income (loss) before provision for (benefit from) income taxes of Manning & Napier, Inc. (1)	(1,841)			(227)
Income before provision for (benefit from) income taxes, as adjusted	15,661			10,532
Controlling interest percentage (2)	72.6		%	18.9		%
Net income attributable to controlling interest	11,369			1,992
Plus: income (loss) before provision for income taxes of Manning & Napier, Inc. (1)	(1,841)			(227)
Income before income taxes attributable to Manning & Napier, Inc.	9,528			1,765
Less: provision for (benefit from) income taxes of Manning & Napier, Inc. (3)	(476)			332
Net income attributable to Manning & Napier, Inc.	$	10,004		$	1,433

__________________________

(1)Manning & Napier, Inc. incurs certain income or expenses that are only attributable to it and are therefore excluded from the net income attributable to noncontrolling interests.

(2)Income before provision for (benefit from) income taxes is allocated to the controlling interest based on the percentage of units of Manning & Napier Group held by Manning & Napier, Inc. The amount represents the Company's weighted ownership of Manning & Napier Group for the respective periods and anticipates a closing of the books pursuant to Internal Revenue Code of 1986, as amended ("IRC"), Section 1377.

(3)The consolidated provision for (benefit from) income taxes is equal to the sum of (i) the provision for (benefit from) income taxes for entities other than Manning & Napier, Inc. and (ii) the provision for (benefit from) income taxes of Manning & Napier, Inc. which includes all U.S. federal and state income taxes. The consolidated provision for (benefit from) income taxes totaled a benefit of approximately $0.1 million and a provision of $0.4 million for the years ended December 31, 2020 and 2019, respectively.

As December 31, 2020, a total of 2,021,781 units of Manning & Napier Group were held by the noncontrolling interests. Pursuant to the terms of the exchange agreement entered into at the time of the Company's initial public offering ("Exchange Agreement"), such units may be tendered for exchange or redemption. For any units tendered, the Company may (i) pay an amount of cash equal to the number of tendered units multiplied by the value of one share of the Company's Class A common stock less a market discount and expected expenses, or, at the Company's election, (ii) issue shares of the Company's Class A common stock on a one-for-one basis, subject to customary adjustments. As the Company receives units of Manning & Napier Group that are exchanged, or as Manning & Napier Group units are redeemed and retired, the Company's ownership of Manning & Napier Group will increase.

On March 15, 2020, a total of 60,012,419 Class A units, including 59,957,419 units held by William Manning, who was previously the Chairman of the Company's Board of Directors, were tendered for either cash or shares of the Company's Class A common stock pursuant to the exchange process. The independent directors, on behalf of the Company as managing member of Manning & Napier Group, decided to settle the transaction as a redemption, utilizing approximately $90.8 million in cash, including approximately $90.7 million paid to Mr. Manning. Manning & Napier Group completed the redemption on May 11, 2020 with payment made from its cash, cash equivalents and proceeds from the sale of investment securities. Subsequent to the redemption the Class A units were retired and as a result, the Company's ownership of Manning & Napier Group increased from 19.5% to 88.2% as of May 11, 2020.

During the year ended December 31, 2020, Class A common stock was issued under the 2011 Equity Compensation Plan (the "Equity Plan") for which Manning & Napier, Inc. acquired an equivalent number of Class A units of Manning & Napier Group.

The following is the impact to the Company's equity ownership interest in Manning & Napier Group during the years ended December 31, 2020 and 2019:


	Manning & Napier Group Class A Units Held
	Manning & Napier	Noncontrolling Interests	Total	Manning & Napier Ownership %
As of January 1, 2019	14,126,736	63,349,721	77,476,457	18.2%
Class A units issued	623,485	—	623,485	0.7%
Class A units redeemed	—	(1,315,521)	(1,315,521)	0.3%
As of December 31, 2019	14,750,221	62,034,200	76,784,421	19.2%
Class A units issued	1,033,417	—	1,033,417	1.1%
Class A units redeemed	—	(60,012,419)	(60,012,419)	68.3%
As of December 31, 2020	15,783,638	2,021,781	17,805,419	88.6%

Manning & Napier, as managing member controls all of the business and affairs of Manning & Napier Group prior to and subsequent to the redemption that was completed during the second quarter of 2020. Since the Company continues to have a controlling interest in Manning & Napier Group, the aforementioned changes in ownership of Manning & Napier Group were accounted for as equity transactions under ASC Topic 810, Consolidation. Additional paid-in capital and non-controlling interests in the consolidated statements of financial condition are adjusted to reallocate the Company's historical equity to reflect the change in ownership of Manning & Napier Group.

During the years ended December 31, 2020 and 2019, the Company made approximately $0.8 million and $5.9 million, respectively, in distributions to non-controlling interests. None of these distributions were payments pursuant to the tax receivable agreement (Note 15).

Investment Securities

12 Months Ended

Dec. 31, 2020

Investments [Abstract]

Investment Securities

The following table represents the Company’s investment securities holdings at December 31, 2020 and December 31, 2019:


	December 31, 2020
	Cost		Unrealized Gains		Unrealized Losses		Fair Value
	(in thousands)
Available-for-sale securities
Fixed income securities	$	6,497	$	—	$	(94)	$	6,403
U.S. Treasury notes	10,587		—		(89)		10,498

							16,901
Equity investments, at fair value
Equity securities							5,592
Mutual funds							1,004
							6,596


Total investment securities							$	23,497


	December 31, 2019
	Cost		Unrealized Gains		Unrealized Losses		Fair Value
	(in thousands)
Available-for-sale securities
Fixed income securities	$	35,148	$	—	$	(91)	$	35,057
U.S. Treasury notes	33,908		193		—		34,101
Short-term investments	12,119		—		—		12,119
							81,277
Equity investments, at fair value
Equity securities							6,038
Mutual funds							3,152
							9,190


Total investment securities							$	90,467

Investment securities are classified as either equity investments, trading, equity method investments or available-for-sale and are carried at fair value. Fair value is determined based on quoted market prices in active markets for identical or similar instruments.

Investment securities classified as equity investments, at fair value consist of equity securities and investments in mutual funds for which the Company provides advisory services. At December 31, 2020 and 2019, equity investments, at fair value consist of investments held by the Company to provide initial cash seeding for product development purposes and investments in mutual funds to hedge economic exposure to market movements on its deferred compensation plan. The Company recognized approximately $0.6 million and $1.5 million of net unrealized gains related to investments classified as equity investments, at fair value for the years ended December 31, 2020 and 2019, respectively.

Investment securities classified as available-for-sale consist of U.S. Treasury notes, corporate bonds and other short-term investments to optimize cash management opportunities and for compliance with certain regulatory requirements. As of December 31, 2020 and 2019, approximately $0.6 million of the U.S. Treasury notes is considered restricted. The Company periodically reviews each individual security position that has an unrealized loss, or impairment, to determine if that impairment is other-than-temporary. No other-than-temporary impairment charges have been recognized by the Company during the years ended December 31, 2020 or 2019.

The table below presents realized gains and losses on the sale of all securities for the years ended December 31, 2020 and 2019:


	Year ended December 31,
	2020		2019
	(in thousands)
Gross realized investment gains	$	965	$	269
Gross realized investment losses	(641)		(135)
Net realized gains (losses)	$	324	$	134

Fair Value Measurements

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair value is defined as the price that the Company would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A fair value hierarchy is provided that gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

The following three-tier fair value hierarchy prioritizes the inputs used in measuring fair value:

•Level 1—observable inputs such as quoted prices in active markets for identical securities;

•Level 2—other significant observable inputs (including but not limited to quoted prices for similar securities, interest rates, prepayment rates, credit risk, etc.); and

•Level 3—significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments).

The following provides the hierarchy of inputs used to derive the fair value of the Company’s assets as of December 31, 2020 and 2019:


	December 31, 2020
	Level 1		Level 2		Level 3		Totals
	(in thousands)
Equity securities	$	5,592	$	—	$	—	$	5,592
Fixed income securities	—		6,403		—		6,403
Mutual funds	1,004		—		—		1,004
U.S. Treasury notes	—		10,498		—		10,498

Total assets at fair value	$	6,596	$	16,901	$	—	$	23,497


	December 31, 2019
	Level 1		Level 2		Level 3		Totals
	(in thousands)
Equity securities	$	6,038	$	—	$	—	$	6,038
Fixed income securities	—		35,057		—		35,057
Mutual funds	3,152		—		—		3,152

U.S. Treasury notes	—		34,101		—		34,101
Short-term investments	—		12,119		—		12,119
Total assets at fair value	$	9,190	$	81,277	$	—	$	90,467

Short-term investments consists of U.S. Treasury bills.

Valuations of investments in fixed income securities, U.S. Treasury notes and U.S Treasury bills can generally be obtained through independent pricing services. For most bond types, the pricing service utilizes matrix pricing, which considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type and current day trade information, as well as dealer supplied prices. These valuations are categorized as Level 2 in the hierarchy.

The Company’s policy is to recognize transfers in and transfers out of the valuation levels as of the beginning of the reporting period. There were no significant transfers between levels during the years ended December 31, 2020 or 2019.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Property and Equipment

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment as of December 31, 2020 and 2019 consisted of the following:


	December 31,
	2020		2019
	(in thousands)
Furniture and fixtures	$	1,838	$	1,878
Office equipment	4,165		4,150
Computer software	3,813		4,281
Leasehold improvements	5,832		5,679
	15,648		15,988
Less: Accumulated depreciation	(12,573)		(11,423)
Property and equipment, net	$	3,075	$	4,565

Depreciation expense is included in other operating costs and totaled approximately $1.3 million and $3.6 million for the years ended December 31, 2020 and 2019, respectively.

In 2019, the Company recognized an expense of approximately $3.2 million, representing the present value of approximately $3.4 million of future cash obligations under a previous software license agreement. At December 31, 2020, approximately $0.9 million is included in accrued expenses and other liabilities in the consolidated statements of financial condition.

The Company has evaluated its property and equipment for impairment under the current accounting standards and has concluded that no impairment loss has occurred as of December 31, 2020. No impairment loss occurred in the year ended December 31, 2019 other than as discussed in the paragraph above.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

The carrying amount of goodwill was $4.8 million at both December 31, 2020 and 2019, and there was no accumulated impairment. There were no changes in the carrying value of goodwill during the years ended December 31, 2020 and 2019.

The Company completed its goodwill impairment testing in the fourth quarter of 2020 and determined that there were no facts and circumstances occurring during 2020 suggesting possible impairment. No impairment of goodwill was recognized during the years ended December 31, 2020 and 2019.

Intangible Assets

The following table reflects the components of intangible assets as of December 31, 2020 and 2019:


	December 31,
	2020		2019
	(in thousands)
Intangible assets subject to amortization:
Cost - Separately managed account client relationships	$	897	$	897
Accumulated amortization - Separately managed account client relationships	(897)		(897)

Cost - Trademark	340		340
Accumulated amortization - Trademark	(280)		(235)
Intangible assets subject to amortization, net	60		105

Indefinite-lived intangible assets:
Cost - Mutual fund and collective trust contracts	2,578		2,578

Mutual fund and collective trust contracts	2,578		2,578

Total intangible assets, net	$	2,638	$	2,683

There were no facts or circumstances occurring during the years ended December 31, 2020 or 2019 suggesting possible impairment.

Amortization expense was less than $0.1 million for both the years ended December 31, 2020 and 2019. As of December 31, 2020, intangible assets subject to amortization are being amortized over a weighted-average remaining life of 0.7 years. The estimated amortization expense to be recognized over the next 5 years is as follows:


Year Ending December 31,	Estimated Amortization Expense
	(in thousands)
2021	$	45
2022	15
2023	—
2024	—
2025	—
Thereafter	—
Total	$	60

Accrued Expenses and Other Liabilities

12 Months Ended

Dec. 31, 2020

Accounts Payable and Accrued Liabilities [Abstract]

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities as of December 31, 2020 and 2019 consisted of the following:


	December 31,
	2020		2019
	(in thousands)
Accrued bonuses and sales commissions	$	19,999	$	14,825
Accrued payroll and benefits	4,629		4,415
Accrued sub-transfer agent fees	437		420
Dividends payable on Class A common stock	—		312
Amounts payable under tax receivable agreement	5,220		275
Short-term operating lease liabilities	2,854		2,682
Other accruals and liabilities	3,300		3,272
	$	36,439	$	26,201

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

The Company has operating and finance leases for office space and certain equipment. For these leases, the office space or equipment is an explicitly identified asset within the contract. The Company has determined that it has obtained substantially all of the economic benefits from the use of the underlying asset and directs how and for what purpose the asset is used during the term of the contract.

The Company's leases have remaining lease terms ranging between approximately 1 year and 7 years. The Company's lease term on certain of its multi-year office space leases, including its headquarters, include options for the Company to extend those leases for periods ranging from an additional five to ten years. In addition, the Company has the option to reduce a portion of its square footage at certain times throughout the term of the lease for its headquarters. The Company determined it is not reasonably certain at this time it will exercise the options to extend these leases or will exercise the options to reduce its square footage; therefore, the payment amounts related to these lease term extensions and contraction options have been excluded from determining its right-of-use asset and lease liability.

Certain of the Company's operating leases for office space include variable lease payments, including non-lease components (such as utilities and operating expenses) that vary based on actual expenses and are adjusted on an annual basis. The Company concluded that these variable lease payments are in substance fixed payments and included the estimated variable payments in its determination of right-of-use assets and lease liabilities.

Changes in the lease terms, including renewal options and options to reduce its square footage, incremental borrowing rates, and/or variable lease payments, and the corresponding impact to the right-of-use assets and lease liabilities, are recognized in the period incurred.

Certain of the Company's operating leases have been subleased for which the Company will receive cash totaling approximately $3.7 million over the remaining term of such leases. The lease terms for the three subleased operating leases end in 2025, 2027 and 2028.

The components of lease expense for the years ended December 31, 2020 and 2019 were as follows:


	Year Ended December 31,
	2020		2019
	(in thousands)
Finance lease expense
Amortization of right-of-use assets	$	85	$	124
Interest on lease liabilities	6		11
Operating lease expense	3,978		3,622
Short-term lease expense	3		13
Variable lease expense	224		319
Sublease income	(664)		(687)
Total lease expense	$	3,632	$	3,402

Supplemental cash flow information related to leases for the years ended December 31, 2020 and 2019 were as follows:


	Year Ended December 31,
	2020		2019
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	8	$	11
Finance cash flows from finance leases	$	98	$	130
Operating cash flows from operating leases	$	3,752	$	3,853

Right-of-use assets obtained in exchange for new lease obligations:
Finance leases	$	40	$	175
Operating leases	$	779	$	898

Supplemental balance sheet information related to leases as of December 31, 2020 was as follows:


	December 31, 2020
Finance Leases	(in thousands, except lease term and discount rate)
Finance lease right-of-use assets (1)	$	152

Accrued expenses and other liabilities	$	68
Other long-term liabilities	92
Total finance lease liabilities	$	160

Operating Leases
Operating lease right-of-use assets	$	16,405

Accrued expenses and other liabilities	$	2,854
Operating lease liabilities, non-current	16,646
Total operating lease liabilities	$	19,500

Weighted average remaining lease term
Finance leases	2.51 Years
Operating leases	6.50 Years
Weighted average discount rate
Finance leases	4.39		%
Operating leases	5.14		%

_______________________

(1)Amounts included in other long-term assets within the consolidated statements of financial condition.

Maturities of lease liabilities were as follows:


Year ending December 31,	Finance Leases		Operating Leases
	(in thousands)
2021	$	77	$	3,779
2022	54		3,793
2023	37		3,362
2024	—		3,292
2025	—		2,996
Thereafter	—		5,708
Total lease payments	168		22,930
Less imputed interest	(8)		(3,430)
Total lease liabilities	$	160	$	19,500

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company may from time to time enter into agreements that contain certain representations and warranties and which provide general indemnifications. The Company may also serve as a guarantor of such obligations. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. The Company expects any risk of liability associated with such guarantees to be remote. Regulation As an investment adviser to a variety of investment products, the Company and its affiliated broker-dealer are subject to routine reviews and inspections by the SEC and the Financial Industry Regulatory Authority, Inc. From time to time the Company may also be subject to claims, be involved in various legal proceedings arising in the ordinary course of its business and other contingencies. The Company does not believe that the outcome of any of these reviews, inspections or other legal proceedings will have a material impact on its consolidated financial statements; however, litigation is subject to many uncertainties, and the outcome of individual litigated matters is difficult to predict. The Company will establish accruals for matters that are probable, can be reasonably estimated, and may take into account any related insurance recoveries to the extent of such recoveries. As of December 31, 2020 and 2019, the Company has not accrued for any such claims, legal proceedings, or other contingencies.

Shareholders' Equity and Capital Structure	12 Months Ended
Shareholders' Equity and Capital Structure	Dec. 31, 2020
Equity [Abstract]
Shareholders’ Equity and Capital Structure	Shareholders’ Equity and Capital Structure The authorized capital stock of Manning & Napier consists of 300,000,000 shares of Class A common stock, par value $0.01 per share, and 2,000 shares of Class B common stock, par value $0.01 per share, and are further described below. In addition to the Class A and Class B common stock, the Company has the authority to issue 100,000 shares of preferred stock, par value $0.01 per share. Class A Common Stock The holders of the Company’s Class A common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders. The holders of the Company’s Class A common stock are entitled to receive dividends, if declared by the Company’s board of directors, out of funds legally available therefore, subject to any statutory or contractual restrictions on the payment of dividends. The holders of the Company’s Class A common stock do not have preemptive, subscription, redemption or conversion rights. Class B Common Stock Pursuant to the Company's Amended and Restated Certificate of Incorporation the Company's Class B common stock entitles the holder thereof to a majority of the vote on all matters submitted to a vote of stockholders. The Company's Class B common stock does not entitle the holder thereof to any right to receive dividends or to receive a distribution upon the dissolution, liquidation or sale of all or substantially all of the Company's assets. There are no outstanding shares of our Class B common stock. Voting Generally, all matters to be voted on by stockholders must be approved by a majority of the votes entitled to be cast by all shares of Class A common stock. Shares Eligible for Future Sale The Company is party to an Exchange Agreement with M&N Group Holding and MNCC, the other direct holders of all of the units of Manning & Napier Group that are not held by the Company. As of December 31, 2020, a total of 2,021,781 Class A units of Manning & Napier Group were held by the noncontrolling interests. Pursuant to the terms of the Exchange Agreement, such units may be tendered for exchange or redemption. For any units tendered, the Company may (i) pay an amount of cash equal to the number of tendered units multiplied by the value of one share of the Company's Class A common stock less a market discount and expected expenses, or, at the Company's election, (ii) issue shares of the Company's Class A common stock on a one-for-one basis, subject to customary adjustments. As the Company receives units of Manning & Napier Group that are exchanged, or as Manning & Napier Group units are redeemed and retired, the Company's ownership of Manning & Napier Group will increase. The decision whether to pay cash or issue shares will be made by the independent members of the Company’s board of directors.

Earnings per Common Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Earnings per Common Share

Earnings per Common ShareBasic earnings per share (“basic EPS”) is computed using the two-class method to determine net income available to Class A common stock. The two-class method includes an earnings allocation formula that determines earnings per share for each participating security according to dividends declared and undistributed earnings for the period. The Company's restricted Class A common shares granted under the 2011 Equity Compensation Plan (the "Equity Plan") have non-forfeitable dividend rights during their vesting period and are therefore considered participating securities under the two-class method. Under the two-class method, the Company's net income available to Class A common stock is reduced by the earnings allocated to the unvested restricted Class A common stock. Basic EPS is calculated by dividing net income available to Class A common stock by the weighted average number of common shares outstanding during the period.

Diluted earnings per share (“diluted EPS”) is computed under the more dilutive of either the treasury method or the two-class method. For the diluted calculation, the weighted average number of common shares outstanding during the period is increased by the assumed conversion into Class A common stock of the unvested restricted stock units, unvested restricted stock awards, and outstanding stock options (collectively, "outstanding equity awards"), as well as the exchangeable Class A units of Manning & Napier Group, to the extent that such conversion would dilute earnings per share.

Net income attributable to non-controlling interests on the consolidated statements of operations represents the portion of earnings attributable to the economic interest of Manning & Napier Group held by the non-controlling interests (Note 4). For periods in which the outstanding Class A units of Manning & Napier Group are dilutive to the Company's earnings per share, the calculation of diluted earnings per share also takes into account the incremental net income that would be available to Class A common stock upon the conversion of Class A units of Manning & Napier Group into Class A common stock of the Company.

The following is a reconciliation of the income and share data used in the basic and diluted EPS computations for the years ended December 31, 2020 and 2019 under the two-class method:


	Year Ended December 31,
	2020		2019
	(in thousands, except share data)
Numerator:
Net income attributable to controlling and noncontrolling interests	$	13,926	$	9,857
Less: net income attributable to noncontrolling interests	3,922		8,424
Net income attributable to Manning & Napier, Inc.	$	10,004	$	1,433
Less: allocation to participating securities	96		(102)
Net income available to Class A common stock for basic EPS	$	9,908	$	1,535
Plus: reallocation of net income attributable to participating securities	10		—
Plus: incremental net income as a result of conversion of Class A units of Manning & Napier Group to Class A common stock	2,307		5,574
Net income available to Class A common stock for diluted EPS	$	12,225	$	7,109

Denominator:
Weighted average shares of Class A common stock outstanding - basic	16,147,469		15,216,707
Dilutive effect from unvested equity awards	1,962,114		286,908
Dilutive effect of exchangeable Class A units	23,501,636		62,470,304
Weighted average shares of Class A common stock outstanding - diluted	41,611,219		77,973,919
Net income available to Class A common stock per share - basic	$	0.61	$	0.10
Net income available to Class A common stock per share - diluted	$	0.29	$	0.09

Performance-based stock options are excluded from the calculation of diluted EPS for periods in which the associated market condition has not yet been achieved. As such, for the years ended December 31, 2020 and 2019, 1,155,000 and 3,000,000 unvested performance-based stock options, respectively, were excluded from the calculation of diluted EPS.

For the years ended December 31, 2020 and 2019, there were unvested equity awards of 85,231 and 902,073 respectively, excluded from the calculation of diluted earnings per common share because the effect would have been anti-dilutive.

At December 31, 2020 and 2019 there were 2,021,781 and 62,034,200, respectively, Class A units of Manning & Napier Group which for each period, subject to certain restrictions, may be exchangeable for up to an equivalent number of the Company’s Class A common shares.

Equity Based Compensation

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement, Noncash Expense [Abstract]

Equity Based Compensation

2011 Equity Compensation Plan

The Equity Plan was adopted by the Company's board of directors and approved by the Company's stockholders prior to the consummation of the Company's 2011 initial public offering. A total of 13,142,813 equity interests are authorized for issuance, and may be issued in the form of the Company's Class A common stock, restricted stock units, stock options, units of Manning & Napier Group. At December 31, 2020, a total of 3,124,420 equity interests were available for issuance pursuant to the Equity Plan.

The following table summarizes activity related to awards of restricted stock and restricted stock units (collectively, "stock awards") under the Equity Plan for the year ended December 31, 2020:


	Restricted Stock Awards	Weighted Average Grant Date Fair Value
Stock awards outstanding at January 1, 2020	1,037,901	$	4.30
Granted	2,997,940	$	1.58
Vested	(961,877)	$	3.13
Forfeited	(28,983)	$	1.58
Stock awards outstanding at December 31, 2020	3,044,981	$	2.03

The weighted average fair value of Equity Plan stock awards granted during the years ended December 31, 2020 and 2019 was $1.58 and $2.38, respectively, based on the closing sale price of the Company's Class A common stock as reported on the New York Stock Exchange on the date of grant, and, if not entitled to dividends or dividend equivalents during the vesting period, reduced by the present value of such amounts expected to be paid on the underlying shares during the requisite service period.

For the years ended December 31, 2020 and 2019, the Company recorded approximately $3.2 million and $3.1 million, respectively, of compensation expense related to stock awards under the Equity Plan. The aggregate intrinsic value of stock awards that vested during the years ended December 31, 2020 and 2019 was approximately $3.9 million and $2.3 million, respectively. As of December 31, 2020, there was unrecognized compensation expense related to stock awards of approximately $4.2 million, which the Company expects to recognize over a weighted average period of approximately 3.3 years.

A summary of activity under the Equity Plan related to stock option awards during the year ended December 31, 2020 is presented below:


	Stock Option Awards		Weighted Average Exercise Price		Weighted Average Contractual Term (years)	Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2020	3,500,000		$	2.01
Granted	—		$	—
Exercised	(1,250,000)		$	2.01
Forfeited	—		$	—
Outstanding at December 31, 2020	2,250,000		$	2.01	4.1	$	9,585
Exercisable at December 31, 2020	761,666	—	$	2.01	4.0	$	3,245

For both the years ended December 31, 2020 and 2019, the Company recorded approximately $0.6 million of compensation expense related to stock options under the Equity Plan. As of December 31, 2020, there was unrecognized compensation expense of approximately $0.3 million related to stock options, which the Company expects to recognize over a weighted average period of approximately 0.9 years.

In connection with the vesting of restricted stock units and exercise of stock options during the year ended December 31, 2020, the Company withheld shares of Class A common stock to satisfy approximately $2.6 million of employee income tax withholding requirements. These net share settlements had the effect of shares repurchased and retired by the Company, as they reduced the total number of Class A common shares outstanding.

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

The Company is comprised of entities that have elected to be treated as either a limited liability company ("LLC"), or a “C-Corporation”. As such, the entities functioning as LLCs are not liable for or able to benefit from U.S. federal and most state income taxes on their earnings, and earnings (losses) will be included in the personal income tax returns of each entity’s unit holders. The entities functioning as C-Corporations are liable for or able to benefit from U.S. federal, state and local income taxes on their earnings and losses, respectively.

Components of the provision for (benefit from) income taxes consist of the following:


	Year Ended December 31,
	2020		2019
	(in thousands)
Current
Federal	$	(24)	$	146
State and local	71		99
Current tax expense	47		245
Deferred
Federal	(323)		255
State and local	170		(52)
Deferred tax expense (benefit)	(153)		203
Provision for (benefit from) income tax	$	(106)	$	448

The differences between income taxes computed using the U.S. federal income tax rate of 21% for the years ended December 31, 2020 and 2019, and the provision for (benefit from) income taxes for continuing operations are as follows:


	Year Ended December 31,
	2020		2019
	(in thousands)
Amount computed using the statutory rate	$	2,902	$	2,164
Increase (reduction) in taxes resulting from:
State and local taxes, including settlements and adjustments, net of federal benefit	236		40


Equity-based compensation	(651)		106
Benefit from net operating loss carry-back	(1,920)		—
Net adjustment to amounts payable under tax receivable agreement	13		(42)
Benefit from the flow-through entities	(848)		(1,659)
Other, net	162		(161)
Provision for (benefit from) income taxes	$	(106)	$	448

The provision for (benefit from) income taxes includes a benefit attributable to the fact that the Company’s operations include a series of flow-through entities which are generally not subject to federal and most state income taxes. Accordingly, a portion of the Company’s earnings are not subject to corporate level taxes. The Company recognized a reduced benefit from the flow-through entities during the year ended December 31, 2020 compared to 2019 due to a higher portion of Manning & Napier Group's earnings subject to taxation at the C-Corporation level attributed to Manning & Napier Inc.'s increased ownership of Manning & Napier Group as a result of the redemption completed on May 11, 2020 (Note 4).

On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") which includes, among other things, the ability to carryback net operating losses from 2018, 2019 and 2020 to prior years. During the year ended December 31, 2020, the Company carried back net operating losses generated in 2018, 2019 and 2020 when the federal corporate tax rate was 34% compared to the current statutory rates of 21%. During the year ended December 31, 2020, the Company recognized an income tax benefit of approximately $1.9 million, related to the favorable rate applied to its net operating losses. As a result of the CARES Act, approximately $4.5 million of anticipated federal tax refunds were recorded within prepaid expenses and other assets on its statements of financial condition.

Deferred Tax Assets and Liabilities

As a result of Manning & Napier's purchase of Class A units of Manning & Napier Group or exchange for Class A common stock of Manning & Napier for Class A units of Manning & Napier Group and Manning & Napier Group's election under Section 754 of the IRC, the Company expects to benefit from depreciation and amortization deductions from an increase in tax basis of tangible and intangible assets of Manning & Napier Group. Those deductions allocated to the Company will be taken into account in reporting the Company's taxable income.

In connection with the IPO, a tax receivable agreement ("TRA") was entered into between Manning & Napier and the holders of Manning & Napier Group, pursuant to which Manning & Napier is required to pay to such holders 85% of the applicable cash savings, if any, in U.S. federal, state, local and foreign income tax that Manning & Napier actually realizes, or is deemed to realize in certain circumstances, as a result of (i) certain tax attributes of their units sold to Manning & Napier or exchanged (for shares of Class A common stock) and that are created as a result of the sales or exchanges and payments under the TRA and (ii) tax benefits related to imputed interest.

Under the TRA, Manning & Napier generally will retain the benefit of the remaining 15% of the applicable tax savings. There is a possibility that not all of the 85% of the applicable cash savings will be paid to the selling or exchanging holder of Class A units. If it is determined that all or a portion of such applicable tax savings is in doubt, payment to such holders of Class A units will be the amount attributable to the portion of the applicable tax savings that are determined not to be in doubt and the payment of the remainder at such time as it is reasonably determined that the actual tax savings or that the amount is no longer in doubt.

On May 11, 2020, the Company completed the redemption and subsequent retirement of 60,012,419 Class A units, resulting in the Company's ownership of Manning & Napier Group increasing from 19.5% to 88.2% as of May 11, 2020 (Refer to Note 4). The Company recognized a deferred tax asset of approximately $0.7 million, resulting from an increased share of Manning & Napier Group's deferred tax assets. Additionally, as a result of Manning & Napier Group's redemption of its Class A units on May 11, 2020 and Manning & Napier Group's election under Section 754 of the IRC, the Company expects to benefit from depreciation and amortization deductions resulting from increases in the tax basis of tangible and intangible assets of Manning & Napier Group. Those deductions allocated to the Company will be taken into account in reporting the Company's taxable income resulting in the recognition of a deferred tax asset of approximately $2.5 million. The aggregate $3.2 million of deferred tax assets recognized during the year ended December 31, 2020 resulting from the redemption were recorded within the Company's consolidated statements of shareholder's equity.

At December 31, 2020 and 2019, the Company had recorded a total liability of approximately $19.0 million and $17.5 million, respectively, representing the payments due to the selling unit holders under the TRA. Of these amounts, approximately $5.2 million and $0.3 million were included in accrued expenses and other liabilities at December 31, 2020 and 2019, respectively. As a result of the CARES Act, the Company recognized a tax benefit related to the favorable rate applied to its net operating losses, which resulted in an increase of the liability under the TRA, representing 85% of the applicable cash savings. Payments are anticipated to be made annually commencing from the date of each event that gives rise to the TRA benefits. The timing of the payments is subject to certain contingencies including the Company having sufficient taxable income to utilize all of the tax benefits defined in the TRA. The Company made payments pursuant to the TRA of approximately $0.3 million and $0.7 million during the years ended December 31, 2020 and 2019, respectively.

Components of net deferred tax assets consist of the following:


	December 31,
	2020		2019
	(in thousands)
Deferred tax assets
743(b) basis	$	15,977	$	17,480
734(b) basis	2,378		—
Bonus and commissions	1,487		253
Net operating loss carryforwards	384		2,980

Operating lease liabilities	4,014		936
Other	323		148
Total deferred tax assets	24,563		21,797
Deferred tax liabilities
Depreciation and amortization	1,300		246
Operating lease right-of-use assets	3,364		821
Prepaid items	254		62
Total deferred tax liabilities	4,918		1,129
Net deferred tax assets	$	19,645	$	20,668

As of December 31, 2020, the Company has approximately $5.4 million in state net operating loss carry forwards that will expire through 2040 if not utilized.

The Company has assessed the recoverability of the deferred tax assets and believes it is more likely than not that the assets will be realized. The Company has not recorded a valuation allowance as of December 31, 2020 and 2019.

Accounting for Uncertainty in Income Taxes

A reconciliation of the beginning and ending amount of the Company's liability for income taxes associated with unrecognized tax benefits is as follows:


	December 31,
	2020		2019
	(in thousands)
Balance as of January 1,	$	28	$	33
Increase related to current year tax positions	—		—
Decrease related to prior year tax positions	(7)		(5)
Balance as of December 31,	$	21	$	28

A state is currently auditing the Company's 2016, 2017 and 2018 corporate tax returns. The audit is expected to be completed in 2021. As of December 31, 2020, the audit is in process and the state is collecting and evaluating the data for which the Company has not recorded a liability, which could be up to approximately $1.3 million, for uncertain tax positions under ASC Topic 740, Income Taxes.

The Company’s policy regarding interest and penalties related to uncertain tax positions is to recognize such items as a component of the provision for income taxes. The Company recorded less than $0.1 million in interest and penalties in the consolidated statements of operations for the years ended December 31, 2020 and 2019.

The Company does not expect that changes in the liability for unrecognized tax benefits during the next twelve months will have a significant impact on the Company's financial position or results of operations.

The Company files income tax returns with Federal, state and local jurisdictions. The Company’s U.S. Federal and state tax matters for the years 2017 through 2019 remain subject to examination by the respective tax authorities.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Sale of Subsidiary On August 30, 2019, the Company, through Manning & Napier Group LLC, completed the sale of all of the equity interests in its wholly-owned subsidiary, Perspective Partners, LLC ("PPI") to Manning Partners, LLC, which is wholly-owned by the former Chairman of the Company’s Board of Directors. The Company received cash proceeds of $3.1 million upon closing. Subsequent to the close, PPI and the Company have entered into a sublease agreement under which PPI leases office space within the Company's headquarters for annual rent of approximately $0.1 million over the term of the sublease, which expires on January 31, 2028. Transactions with noncontrolling members From time to time, the Company may be asked to provide certain services, including accounting, legal and other administrative functions for the noncontrolling members of Manning & Napier Group. While immaterial, the Company has not received any reimbursement for such services. The Company manages the personal funds and funds of affiliated entities of certain of the Company's executive officers and directors. Pursuant to the respective investment management agreements, in some instances the Company waives or reduces its regular advisory fees for these accounts. The aggregate value of the fees earned was less than $0.1 million for the years ended December 31, 2020 and 2019. No fees were waived in December 31, 2020 and less than $0.1 million fees were waived for the year ended December 31, 2019. Manning & Napier Group completed the redemption of 60,012,419 Class A units held by the noncontrolling members of Manning & Napier Group, including 59,957,419 units held by William Manning, who was previously the Chairman of the Company's Board of Directors on May 11, 2020. The independent directors, on behalf of the Company, decided to settle the transaction utilizing approximately $90.8 million in cash, including approximately $90.7 million paid to Mr. Manning. Manning & Napier Group completed the redemption with payment made from its cash, cash equivalents and proceeds from the sale of investment securities. See Note 4 for additional details. During the year ended December 31, 2020, the Company entered into an agreement with Manning Ventures, Inc., which is wholly-owned by William Manning, to reimburse Manning Ventures, Inc. up to approximately $0.2 million for certain services. Affiliated fund transactions The Company earns investment advisory fees, distribution fees and administrative service fees under agreements with affiliated mutual funds and collective investment trusts. Fees earned for advisory and distribution services were approximately $36.5 million and $40.5 million in the years ended December 31, 2020 and 2019, respectively. Fees earned for administrative services provided were approximately $1.7 million and $2.2 million for the years ended December 31, 2020 and 2019, respectively. See Note 3 for disclosure of amounts due from affiliated mutual funds and collective investment trusts. The Company incurs certain expenses on behalf of the collective investment trusts and has contractually agreed to limit its fees and reimburse expenses to limit operating expenses incurred by certain affiliated fund series. The aggregate value of fees waived and expenses reimbursed to, or incurred for, affiliated mutual funds and collective investment trusts was approximately $4.3 million and $5.5 million for the years ended December 31, 2020 and 2019, respectively. During the year ended December 31, 2020, the Company received approximately $1.4 million in cash for reimbursement of prior expenses paid on behalf of our affiliated mutual funds and collective investment trusts. These expenses are reimbursable to the Company under an agreement with the affiliated mutual fund and collective investments trusts upon the settlement of a claim between both the affiliated mutual funds and the collective investment trusts and a third party. As of December 31, 2019, the Company had recorded a receivable of approximately $0.2 million within other long-term assets on its consolidated statement of financial condition. The remaining $1.2 million of proceeds received was recognized as a gain within other operating costs in its consolidated statements of operations during the year ended December 31, 2020.

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Dec. 31, 2020
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit Plan The Company offers the Manning & Napier Advisors, LLC 401(k) and Profit Sharing Plan (the “MNA Plan”) to all employees who meet the plan criteria. With respect to the 401(k) portion of the MNA Plan, participants may voluntarily contribute up to 75% of their regular salary subject to annual limitations determined by the IRS. The Company matches an amount equivalent to 50% of a participant’s contribution, not to exceed 3.5% and 3% of their total compensation during the years ended December 31, 2020 and 2019, respectively. Matching contributions vest to the participants after three years of service. These contributions by the Company amounted to approximately $1.3 million and $1.3 million for the years ended December 31, 2020 and 2019, respectively. With respect to the profit sharing portion of the MNA Plan, the Company may make annual profit sharing contributions, subject to certain limitations, which vest immediately to individuals who are eligible. These contributions by the Company amounted to approximately $0.5 million and $0.5 million for the years ended December 31, 2020 and 2019, respectively.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distribution On March 2, 2021, the Board of Directors approved a $2.5 million distribution from Manning & Napier Group to Manning & Napier and the noncontrolling interests of Manning & Napier Group, of which approximately $0.3 million was paid to the noncontrolling members of Manning & Napier Group. Exchange or Redemption of Class A units of Manning & Napier Group The Company is nearing the completion of the 2021 exchange period whereby eligible Class A units of Manning & Napier Group held by M&N Group Holdings and MNCC may be tendered for redemption or exchange. In connection with the exchange, the Company has the ability to pay an amount of cash equal to the number of units tendered multiplied by the 15 day average value of one share of the Company's Class A common stock between February 22, 2021 and March 12, 2021 less a market discount and expected expenses, or at the Company's election issue shares of Class A common stock on a one-for-one basis for each unit tendered. The Company has received notice that approximately 1.6 million of Class A units of Manning & Napier Group will be tendered for redemption or exchange. The Company anticipates the transaction will be finalized during the second quarter of 2021. Share Repurchase On February 3, 2021, the Board of Directors approved a new share repurchase program authorizing the purchase of up to $10.0 million of Manning & Napier Inc. Class A common shares. The authority to repurchase shares will be exercised from time to time as market conditions warrant, is subject to regulatory considerations and will expire on December 31, 2021. The timing, amount, and other terms and conditions of any repurchases will be determined by management at its discretion based on a variety of factors, including the market price of shares, general market and economic conditions, and legal requirements. The repurchase program may be modified, discontinued or suspended at any time. The Company currently intends to fund the program through cash on hand and future cash flow. As of March 12, 2021, the Company has purchased 200,288 shares of Class A common stock for an aggregate price of approximately $1.5 million.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and related rules and regulations of the U.S. Securities and Exchange Commission (the "SEC"). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates or assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results could differ from these estimates or assumptions. Summary of Presentation Changes As of January 1, 2020, the Company revised its presentation of investment management revenue within its consolidated statements of operations. Investment management revenue, previously presented by investment vehicle, has been disaggregated to present investment management revenue by sales channel. Concurrently, the Company revised the presentation of assets under management ("AUM") activity previously reported by investment vehicle to present this activity by sales channel. Amounts for the comparative prior periods have been reclassified to conform to the current period presentation. These reclassifications had no impact on previously reported net income and do not represent a restatement of any previously published financial results.
Principles of Consolidation	Principles of Consolidation The Company consolidated all majority-owned subsidiaries. In addition, as of December 31, 2020, Manning & Napier holds an economic interest of approximately 88.6% in Manning & Napier Group, and, as managing member, controls all of the business and affairs of Manning & Napier Group. As a result, the Company consolidates the financial results of Manning & Napier Group and records a non-controlling interest on its consolidated statements of financial condition with respect to the remaining economic interest in Manning & Napier Group held by M&N Group Holdings and MNCC. All material intercompany transactions have been eliminated in consolidation. In accordance with Accounting Standards Update ("ASU") 2015-02, Consolidation (Topic 810) – Amendments to the Consolidation Analysis, the determination of whether a company is required to consolidate an entity is based on, among other things, an entity’s purpose and design, a company’s ability to direct the activities of the entity that most significantly impact the entity’s economic performance, and whether a company is obligated to absorb losses or receive benefits that could potentially be significant to the entity. The standard also requires ongoing assessments of whether a company is the primary beneficiary of a variable interest entity (“VIE”). When utilizing the voting interest entity (“VOE”) model, controlling financial interest is generally defined as majority ownership of voting interests. The Company provides seed capital to its investment teams to develop new products and services for its clients. The original seed investment may be held in a separately managed account, comprised solely of the Company's investments or within a mutual fund, where the Company's investments may represent all or only a portion of the total equity invested in the mutual fund. Pursuant to U.S. GAAP, the Company evaluates its investments in mutual funds on a regular basis and consolidates such mutual funds for which it holds a controlling financial interest. When no longer deemed to hold a controlling financial interest, the Company would deconsolidate the fund and classify the remaining investment as either an equity method investment or as trading securities, as applicable. As of December 31, 2020 and December 31, 2019, the Company did not have investments classified as an equity method investment. The Company serves as the investment adviser for Manning & Napier Fund, Inc. series of mutual funds (the “Fund”), Exeter Trust Company Collective Investment Trusts (“CIT”) and Rainier Multiple Investment Trust. The Fund, CIT and Rainier Multiple Investment Trust are legal entities, the business and affairs of which are managed by their respective boards of directors. As a result, each of these entities is a VOE. The Company holds, in limited cases, direct investments in a mutual fund (which are made on the same terms as are available to other investors) and consolidates each of these entities where it has a controlling financial interest or a majority voting interest. The Company's investments in the Fund amounted to approximately $1.0 million and $3.2 million at December 31, 2020 and 2019, respectively. As of December 31, 2020 and 2019, the Company did not have a controlling financial interest in any mutual fund.
Operating Segments	Operating Segments The Company operates in one segment, the investment management industry. The Company primarily provides investment management services to separately managed accounts, mutual funds and collective investment trust funds. Management assesses the financial performance of these vehicles on a combined basis.
Revenue	Revenue Investment Management: Investment management fees are computed as a percentage of assets under management ("AUM"). The Company's performance obligation is a series of services that form part of a single performance obligation satisfied over time. Separately managed accounts are paid in advance, typically for a semi-annual or quarterly period, or in arrears, typically for a monthly or quarterly period. When investment management fees are paid in advance, the Company defers the revenue as a contract liability and recognizes it over the applicable period. When investment management fees are paid in arrears, the Company estimates revenue and records a contract asset (accrued accounts receivable) based on AUM as of the most recent month end date. Mutual funds and collective investment trust investment management revenue is calculated and earned daily based on AUM. Revenue is presented net of cash rebates and fees waived pursuant to contractual expense limitations of the funds. The Company also has agreements with third parties who provide recordkeeping and administrative services for employee benefit plans participating in the collective investment trusts. The Company is acting as an agent on behalf of the employee benefit plan sponsors, therefore, investment management revenue is recorded net of fees paid to third party service providers. Distribution and shareholder servicing: The Company receives distribution and servicing fees for providing services to its affiliated mutual funds. Revenue is computed and earned daily based on a percentage of AUM. The performance obligation is a series of services that form part of a single performance obligation satisfied over time. The Company has agreements with third parties who provide distribution and administrative services for its mutual funds. The agreements are evaluated to determine whether revenue should be reported gross or net of payments to third-party service providers. The Company controls the services provided and acts as a principal in the relationship. Therefore, distribution and shareholder servicing revenue is recorded gross of fees paid to third parties. Custodial services: Custodial service fees are calculated as a percentage of the client’s market value with additional fees charged for certain transactions. For the safeguarding and administrative services that are subject to a percentage of market value fee, the Company's performance obligation is a series of services that form part of a single performance obligation satisfied over time. Revenue for transactions assigned a stand-alone selling price is recognized in the period which the transaction is executed. Custodial service fees are billed monthly in arrears. The Company has agreements with third parties who provide safeguarding, recordkeeping and administrative services for their clients. The Company controls the services provided and acts as a principal in the relationship. Therefore, custodial service revenue is recorded gross of fees paid to third parties. Costs to Obtain a Contract Under compensation plans in effect for periods prior to January 1, 2020, certain incremental first year commissions directly associated with new customer contracts were capitalized and amortized on a straight-line basis over an estimated customer contract period of 3 to 7 years. Refer to Note 3 for further discussion.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company generally considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents are primarily held in operating accounts at major financial institutions and also in money market securities. Cash equivalents are stated at cost, which approximates market value due to the short-term maturity of these investments. The fair value of cash equivalents have been classified as Level 1 in accordance with the fair value hierarchy.
Investment Securities	Investment Securities Investment securities are classified as either equity investments, trading, equity method investments or available-for-sale and are carried at fair value. Fair value is determined based on quoted market prices in active markets for identical or similar instruments. Investment securities classified as equity investments, at fair value consist of equity securities and investments in mutual funds for which the Company provides advisory services. Realized and unrealized gains and losses on equity investments, at fair value or trading investments, as applicable, are recorded in net gains (losses) on investments in the consolidated statements of operations. At December 31, 2020 and 2019, equity investments, at fair value consist of investments held by the Company for the purpose of providing initial cash seeding for product development purposes and investments to hedge economic exposure to market movements on its deferred compensation plan. Investments classified as equity method investments represent seed investments in which the Company owns between 20-50% of the outstanding voting interests in the affiliated fund or when it is determined that the Company is able to exercise significant influence but not control over the investments. If the seed investment results in significant influence, but not control, the investment will be accounted for as an equity method investment. When using the equity method, the Company recognizes its share of the investee's net income or loss for the period which is recorded in net gains (losses) on investments in the consolidated statements of operations. Investment securities classified as available-for-sale consist of U.S. Treasury notes, corporate bonds and other short-term investments. Unrealized gains and losses on available-for-sale securities are excluded from earnings and are reported, net of deferred income tax, as a separate component of accumulated other comprehensive income in stockholders’ equity until realized. The Company periodically reviews each individual security position that has an unrealized loss, or impairment, to determine if that impairment is other-than-temporary. If impairment is determined to be other-than-temporary, the carrying value of the security will be written down to fair value and the loss will be recognized in earnings. Realized gains and losses on sales of available-for-sale securities are computed on a specific identification basis and are recorded in net gains (losses) on investments in the consolidated statements of operations.
Accounts Receivable	Accounts Receivable Accounts receivable represents the Company's unconditional rights to consideration arising from its performance under separately managed account, mutual fund and collective investment trust, distribution and shareholder servicing and custodial contracts. The Company’s accounts receivable balances do not include any significant allowance for doubtful accounts nor has any significant bad debt expense attributable to accounts receivable been recorded for the years ended December 31, 2020 or 2019. Accounts receivable are stated at cost, which approximates market value due to the short-term collection of balances. The fair value of accounts receivable have been classified as Level 1 in accordance with the fair value hierarchy.
Property and Equipment	Property, Equipment, Software and Depreciation Property and equipment are recorded at cost, less accumulated depreciation. Property and equipment are depreciated on a straight-line basis over the applicable life of the asset class; generally three to five years for equipment and seven years for furniture and fixtures. Leasehold improvements are depreciated over the shorter of the estimated useful life of the asset or the remaining expected lease term. Internal and external costs incurred in connection with developing or obtaining software for internal use are capitalized and reported within property and equipment in the consolidated statement of financial condition as of December 31, 2020 and 2019. The capitalized costs are amortized over the estimated useful lives of the software, which range from three to five years, beginning when the software project is complete and ready for its intended use. Internal and external costs capitalized in connection with hosted software arrangements are reported within prepaid expenses and other assets in the consolidated statement of financial condition as of December 31, 2020. The capitalized costs are amortized over the term of the hosting arrangement, beginning when the software project is complete and ready for its intended use. Gains or losses upon sale or other disposition of fixed assets are included in the consolidated statements of operations.
Goodwill	GoodwillGoodwill represents the excess cost over the fair value of the identifiable net assets of acquired companies. The Company attributes all goodwill to its single reporting unit. Goodwill is tested for impairment annually during the fourth quarter or more frequently if events or changes in circumstances indicate that the carrying value may not be recoverable. There were no facts or circumstances occurring during 2020 or 2019 suggesting possible impairment
Intangible Assets	Intangible Assets Amortizing identifiable intangible assets generally represent the cost of client relationships and trademarks acquired. In valuing these assets, the Company makes assumptions regarding useful lives and projected growth rates, and significant judgment is required. The Company periodically reviews its identifiable intangible assets for impairment as events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. If the carrying amounts of those assets exceed their respective fair values, additional impairment tests are performed to measure the amount of the impairment losses, if any. Non-amortizing intangible assets generally represent the cost of mutual fund management contracts acquired. Non-amortizing intangible assets are tested for impairment in the fourth quarter of each fiscal year, or more frequently if events or circumstances indicate that the carrying value may not be recoverable, by comparing the fair values of the management contracts acquired to their carrying values. The Company establishes fair value for purposes of impairment test using the income approach. If the carrying value of a management contract acquired exceeds its fair value, an impairment loss is recognized equal to that excess.
Leases	Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use ("ROU") assets, accrued expenses and other liabilities and operating lease liabilities, non-current on its consolidated statements of financial condition. Finance leases are included in other long-term assets, accrued expenses and other liabilities, and other long-term liabilities on its consolidated statements of financial condition. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate, for each identified lease, is the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term. The operating lease ROU asset is reduced for any lease incentives. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are combined for all classes of underlying assets. Impairment of Long-Lived Assets The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical cost carrying value of an asset may no longer be appropriate. During the twelve months ended December 31, 2020, a downturn in the commercial real estate market indicated that an asset group, including previously vacated office space, may not be recoverable. The Company assessed recoverability of the asset group by comparing the undiscounted future net cash flows expected to result from the asset group to its carrying value. The carrying value exceeded the undiscounted future net cash flows of the asset, and an impairment loss of approximately $0.7 million was recognized during the twelve months ended December 31, 2020 as the difference between the net book value and the fair value of the asset group.
Equity-Based Compensation	Equity-Based Compensation The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award. The Company recognizes this cost over the period during which an employee is required to provide service in exchange for the award, and accounts for forfeitures as they occur. See Note 14 for additional information on equity-based compensation.
Deferred Compensation	Deferred Compensation The Company issues deferred cash awards to certain employees which are linked in value to selected Manning & Napier series of mutual funds under its 2018 Long-Term Incentive Plan. The employees earn a return linked to the appreciation or depreciation based on these series of mutual funds. The Company currently hedges economically the exposure to market movements on its deferred compensation plan by holding investments in the Manning & Napier series of mutual funds on its balance sheet. The Company recognizes as compensation expense the value of the liability to employees, including the appreciation or depreciation of the liability, over the award's vesting period in proportion to the vested amount of the award. The Company immediately recognizes the full value of the related investment, and any subsequent appreciation or depreciation of the investment, in Net gains (losses) on investments in the consolidated statements of operations.
Income Taxes	Income Taxes The Company records a tax provision for the anticipated tax consequences of the reported results of operations. The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, and for operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. The Company records a valuation allowance, if necessary, to reduce deferred tax assets to the amount that is believed more likely than not to be realized. The Company recognizes tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income is a measure of income which includes net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) consists of the change in unrealized gains and losses on available-for-sale investments. The changes in the balances of components comprising other comprehensive income (loss) are presented in the accompanying consolidated statements of comprehensive income for the years ended December 31, 2020 and 2019.
Loss Contingencies	Loss Contingencies The Company accrues for estimated costs, including legal costs related to existing lawsuits, claims and proceedings when it is probable that a liability has been incurred and the costs can be reasonably estimated. Potential loss contingencies and related accruals are reviewed at least quarterly and are adjusted to reflect the impact and status of settlements, rulings, advice of counsel and other information pertinent to a particular matter. Significant differences could exist between the actual cost required to investigate, litigate and/or settle a claim or the ultimate outcome of a suit and management’s estimate. These differences could have a material impact on the Company’s consolidated financial statements. No loss accruals were recorded as of December 31, 2020 and 2019.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. The amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements that currently exist in U.S. GAAP for capitalizing implementation costs incurred to develop or obtain internal-use software. Under the new standard, implementation costs are deferred and presented in the same financial statement caption on the consolidated statements of financial condition as a prepayment of related arrangement fees. The deferred costs are recognized over the term of the arrangement in the same financial statement caption in the consolidated statements of operations as the related fees of the arrangement. The Company adopted the provisions of this guidance using the prospective adoption approach, which does not require the restatement of prior years. The adoption of this ASU did not have a material impact on the Company's statement of operations as requirements under the standard are generally consistent with its previous accounting for cloud computing arrangements, with the primary difference being the classification of certain information in its statements of financial condition and related disclosures. As of December 31, 2020, the Company had a total of approximately $5.4 million of capitalized implementation costs for hosting arrangements within prepaid expenses and other assets on its consolidated statements of financial condition, with $0.1 million in accumulated amortization and $0.1 million in amortization expense recognized during the twelve months ended December 31, 2020. At December 31, 2019, approximately $0.4 million of these costs were capitalized within property and equipment, net. The hosting arrangements that are service contracts include internal and external costs related to various technology additions in support of the Company's business. Amortization costs are recorded on a straight-line basis over the term of the hosting arrangement agreement. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment, which simplifies the accounting for goodwill impairments by eliminating step two from the goodwill impairment test. The ASU requires goodwill impairments to be measured on the basis of the fair value of the reporting unit relative to the reporting unit's carrying amount rather than on the basis of the implied amount of goodwill relative to the goodwill balance of the reporting unit. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements.

Revenue, Contract Assets and Contract Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


	Year ended December 31, 2020
		Wealth Management		Institutional and Intermediary		Total
		(in thousands)
Blended Asset		$	49,391	$	32,221	$	81,612
Equity		6,359		18,536		24,895
Fixed Income		584		1,412		1,996
Total		$	56,334	$	52,169	$	108,503


	Year ended December 31, 2019
		Wealth Management		Institutional and Intermediary		Total
		(in thousands)
Blended Asset		$	49,312	$	34,368	$	83,680
Equity		6,431		23,158		29,589
Fixed Income		840		1,524		2,364
Total		$	56,583	$	59,050	$	115,633

Schedule of Accounts Receivable

Accounts receivable as of December 31, 2020 and December 31, 2019 consisted of the following:


	December 31, 2020		December 31, 2019
	(in thousands)
Accounts receivable - third parties	$	7,315	$	5,778
Accounts receivable - affiliated mutual funds and collective investment trusts	4,600		4,404
Total accounts receivable	$	11,915	$	10,182

The following provides amounts due from affiliated mutual funds and collective investment trusts reported within accounts receivable in the consolidated statement of financial condition as of December 31, 2020 and December 31, 2019:


	December 31, 2020		December 31, 2019
	(in thousands)
Affiliated mutual funds	$	3,275	$	3,164
Affiliated collective investment trusts	1,325		1,240
Accounts receivable - affiliated mutual funds and collective investment trusts	$	4,600	$	4,404

Noncontrolling Interests (Tables)

12 Months Ended

Dec. 31, 2020

Noncontrolling Interest [Abstract]

Reconciliation from Income Before Provision for Income Taxes to Net Income Attributable to Manning & Napier, Inc.

The following provides a reconciliation from “Income before provision for (benefit from) income taxes” to “Net income attributable to Manning & Napier, Inc.”:


	Year Ended December 31,
	2020		2019
	(in thousands)
Income before provision for (benefit from) income taxes	$	13,820	$	10,305
Less: income (loss) before provision for (benefit from) income taxes of Manning & Napier, Inc. (1)	(1,841)		(227)
Income before provision for (benefit from) income taxes, as adjusted	15,661		10,532
Controlling interest percentage