MutualFundWire.com: Then a Public MF Shop Turned Down Stimulus Funds

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Monday, April 27, 2020

Then a Public MF Shop Turned Down Stimulus Funds

A small, publicly traded mutual fund firm will no longer be receiving funds from a certain federal stimulus package.

Marc Mayer
Manning & Napier, Inc.
CEO

On Thursday, leadership at Manning and Napier [profile] revealed that they withdrew their loan applications from the U.S. Small Business Administration's (SBA's) Paycheck Protection Program (PPP). The Fairport, New York-based company's reversal came after SBA changed its PPP guidance amid public outcry over some PPP recipients. (SBA now makes it sound like publicly traded companies like Manning, even if they're small, are unlikely to qualify for PPP.)

The New York Post and Reuters picked on Manning's about face as controversy over other PPP loan recipients continues.

Manning's change of heart on PPP came a day after its team revealed that two Manning subsidiaries, Manning & Napier Advisors and Rainier Investment Management, had applied for $6.7 million in PPP loan assistance and that they expected to receive the funds in the coming weeks.

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