Money Management

Manning & Napier brings in new CEO

Marc Mayer was named CEO at Manning & Napier, the company announced Friday in a news release.

Mr. Mayer's appointment is effective immediately, less than a year after the firm named senior executives Charles Stamey, Jeffrey Coons and Richard Goldberg as co-CEOs, forming an "interim office of the CEO," the firm said in a news release last March.

Mr. Coons is president, while Mr. Stamey serves as executive vice president and managing director of sales. Mr. Goldberg is a member of the board of directors, according to the company's website.

Mr. Mayer, who was most recently the head of North American distribution for Schroders, where he was responsible for leading all institutional and intermediary business initiatives, will report to Manning & Napier's board of directors, according to the news release.

In an email, a spokeswoman for Manning & Napier declined to comment further.

Schroders, which could not immediately be reached regarding Mr. Mayer's replacement, named Marc Brookman deputy CEO, North America, in July, where he manages all distribution, client service, product management and marketing responsibilities for the region, P&I reported last year.

Mr. Mayer joins Manning & Napier as the money manager's AUM has slipped precipitously to $21.3 billion as of Oct. 31, down from $47.8 billion as of Dec. 31, 2014, earnings reports from the firm show.