Patrick Cunningham was named CEO and Jeffrey Coons was appointed president of Manning & Napier Advisors.
Both are new positions.
Manning & Napier's management structure had consisted of a five-member executive group since 2003, and both men had been members of the executive group. The executive group will remain an advisory board to the CEO.
Mr. Cunningham, was co-director of the executive group and managing director for client relations; Mr. Coons, who was a member of the executive group and co-director of research, will retain that position and continue to serve on the senior research group.
“This is part of the natural evolution of our management,” Mr. Cunningham said in an interview. “It's a seamless transition (from the executive-group management structure).”
He said the company's top officers had formulated a more traditional management structure plan two to three years ago, adding that no single event triggered the company's decision. “The complexity of the business, the rapid growth of assets and complexity of the distribution channel” for company products led to the change in management structure, he said. “We felt now was the time to put the plan in place.”
Manning & Napier has about $30 billion in assets under management.