Manning & Napier (MN) 10-Q 6 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 03, 2015	Nov. 02, 2015
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	MN
Entity Registrant Name	Manning & Napier, Inc.
Entity Central Index Key	1,524,223
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Class A common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		14,775,130
Class B common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding			1,000

Consolidated Statements of Fina

Consolidated Statements of Financial Condition (current period unaudited) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 94,183	$ 124,992
Accounts receivable	17,618	23,704
Accounts receivable—Manning & Napier Fund, Inc.	9,008	15,579
Due from broker	4,122	5,391
Due from broker - consolidated funds	3,781	0
Investment securities	22,668	26,915
Investment securities - consolidated funds	1,058	0
Prepaid expenses and other assets	6,767	9,321
Total current assets	159,205	205,902
Property and equipment, net	6,445	7,456
Net deferred tax assets, non-current	43,619	42,581
Other long-term assets	1,359	1,534
Total assets	210,628	257,473
Liabilities
Accounts payable	870	2,906
Accrued expenses and other liabilities	33,933	50,779
Deferred revenue	12,777	12,812
Total current liabilities	47,580	66,497
Other long-term liabilities	2,943	3,116
Amounts payable under tax receivable agreement, non-current	38,661	39,149
Total liabilities	$ 89,184	$ 108,762
Commitments and contingencies (Note 9)
Shareholders’ equity
Additional paid-in capital	$ 205,479	$ 209,284
Retained deficit	(37,649)	(41,087)
Accumulated other comprehensive income	(2)	0
Total shareholders’ equity	167,976	168,334
Noncontrolling interests	(46,532)	(19,623)
Total shareholders’ equity and noncontrolling interests	121,444	148,711
Total liabilities, shareholders’ equity and noncontrolling interests	210,628	257,473
Class A common stock
Shareholders’ equity
Common stock	148	137
Class B common stock
Shareholders’ equity
Common stock	$ 0	$ 0

Consolidated Statements of Fin3

Consolidated Statements of Financial Condition (current period unaudited) (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Class A common stock
Common stock, par value (dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	300,000,000	300,000,000
Common stock, shares issued (shares)	14,775,130	13,713,540
Common stock, shares outstanding (shares)	14,775,130	13,713,540
Class B common stock
Common stock, par value (dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	2,000	2,000
Common stock, shares issued (shares)	1,000	1,000
Common stock, shares outstanding (shares)	1,000	1,000

Consolidated Statements of Oper

Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Investment management services revenue	$ 77,928	$ 104,795	$ 255,327	$ 307,129
Expenses
Compensation and related costs	24,500	51,499	79,627	159,457
Distribution, servicing and custody expenses	13,620	19,921	46,292	58,325
Other operating costs	9,075	9,365	27,053	25,867
Total operating expenses	47,195	80,785	152,972	243,649
Operating income	30,733	24,010	102,355	63,480
Non-operating income (loss)
Interest expense	(131)	(14)	(215)	(21)
Interest and dividend income	138	144	459	553
Change in liability under tax receivable agreement	(2,793)	(65)	(2,810)	2,045
Net gains (losses) on investments	(3,221)	(1,279)	(4,184)	(446)
Total non-operating income (loss)	(6,007)	(1,214)	(6,750)	2,131
Income before provision for income taxes	24,726	22,796	95,605	65,611
(Benefit) provision for income taxes	(1,600)	2,976	2,960	10,412
Net income attributable to controlling and noncontrolling interests	26,326	19,820	92,645	55,199
Less: net income attributable to noncontrolling interests	22,784	19,392	82,291	53,991
Net income attributable to Manning & Napier, Inc.	$ 3,542	$ 428	$ 10,354	$ 1,208
Net income per share available to Class A common stock
Basic (in dollars per share)	$ 0.24	$ 0.03	$ 0.72	$ 0.09
Diluted (in dollars per share)	$ 0.21	$ 0.03	$ 0.71	$ 0.09
Weighted average shares of Class A common stock outstanding
Basic (in shares)	13,745,130	13,705,134	13,732,980	13,669,391
Diluted (in shares)	81,889,208	13,930,020	13,951,651	13,822,402
Cash dividends declared per share of Class A common stock	$ 0.16	$ 0.16	$ 0.48	$ 0.48

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net income attributable to controlling and noncontrolling interests	$ 26,326	$ 19,820	$ 92,645	$ 55,199
Net unrealized holding loss on investment securities, net of tax	0	0	(2)	0
Reclassification adjustment for realized losses on investment securities included in net income	0	0	0	1
Comprehensive income	26,326	19,820	92,643	55,200
Less: Comprehensive income attributable to noncontrolling interests	22,784	19,392	82,289	53,992
Comprehensive income attributable to Manning & Napier, Inc.	$ 3,542	$ 428	$ 10,354	$ 1,208

Consolidated Statement of Share

Consolidated Statement of Shareholders' Equity (unaudited) - USD ($) $ in Thousands	Total	Common StockClass A common stock	Common StockClass B common stock	Additional Paid in Capital	Retained Deficit	Accumulated Other Comprehensive Income (Loss)	Non Controlling Interest
Beginning balance at Dec. 31, 2013	$ 145,789	$ 136	$ 0	$ 208,988	$ (40,544)	$ (1)	$ (22,790)
Beginning balance, Shares at Dec. 31, 2013		13,634,246	1,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	55,199				1,208		53,991
Distributions to noncontrolling interests	(80,602)						(80,602)
Net changes in unrealized investment securities gains or losses	1					1
Common stock issued under equity compensation plan, Shares		71,173
Common stock issued under equity compensation plan	0	$ 1		(1)
Equity-based compensation	68,141			9,735			58,406
Dividends declared on Class A common stock - $0.48 and $0.48 per share in September 30, 2015 and September 30, 2014	(6,569)				(6,569)
Purchase of Class A units of Manning & Napier Group, LLC held by noncontrolling interests	(32,183)			(5,652)			(26,531)
Ending balance at Sep. 30, 2014	149,776	$ 137	$ 0	213,070	(45,905)	0	(17,526)
Ending balance, Shares at Sep. 30, 2014		13,705,419	1,000
Beginning balance at Dec. 31, 2014	148,711	$ 137	$ 0	209,284	(41,087)	0	(19,623)
Beginning balance, Shares at Dec. 31, 2014		13,713,540	1,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	92,645				10,354		82,291
Distributions to noncontrolling interests	(79,029)						(79,029)
Net changes in unrealized investment securities gains or losses	(2)					(2)
Common stock issued under equity compensation plan, Shares		1,061,590
Common stock issued under equity compensation plan		$ 11		(11)
Equity-based compensation	3,755			600			3,155
Dividends declared on Class A common stock - $0.48 and $0.48 per share in September 30, 2015 and September 30, 2014	(6,916)				(6,916)
Purchase of Class A units of Manning & Napier Group, LLC held by noncontrolling interests	(37,720)			(4,394)			(33,326)
Ending balance at Sep. 30, 2015	$ 121,444	$ 148	$ 0	$ 205,479	$ (37,649)	$ (2)	$ (46,532)
Ending balance, Shares at Sep. 30, 2015		14,775,130	1,000

Consolidated Statement of Shar7

Consolidated Statement of Shareholders' Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Cash dividends declared per share of Class A common stock	$ 0.16	$ 0.16	$ 0.48	$ 0.48
Class A common stock
Cash dividends declared per share of Class A common stock			$ 0.48	$ 0.48

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 92,645	$ 55,199
Adjustment to reconcile net income to net cash provided by operating activities:
Equity-based compensation	3,755	68,141
Depreciation and amortization	1,968	1,643
Change in amounts payable under tax receivable agreement	2,810	(2,045)
Net losses (gains) on investment securities	4,184	446
Deferred income taxes	(1,087)	3,743
Amortization of debt issuance costs	65	0
(Increase) decrease in operating assets and increase (decrease) in operating liabilities:
Accounts receivable	6,086	(100)
Accounts receivable—Manning & Napier Fund, Inc.	6,571	(627)
Due from broker - consolidated funds	(5,000)	0
Investment securities - consolidated funds	(1,150)	0
Prepaid expenses and other assets	3,230	507
Accounts payable	(2,036)	746
Accrued expenses and other liabilities	(18,188)	(7,532)
Deferred revenue	(35)	1,948
Other long-term liabilities	(217)	1,111
Net cash provided by operating activities	93,601	123,180
Cash flows from investing activities:
Purchase of property and equipment	(555)	(2,297)
Sale of investments	8,207	7,883
Purchase of investments	(6,610)	(12,855)
Acquisitions, net of cash received	0	(2,068)
Proceeds from maturity of investments	0	605
Net cash provided by (used in) investing activities	1,042	(8,732)
Cash flows from financing activities:
Distributions to noncontrolling interests	(79,029)	(80,602)
Dividends paid on Class A common stock	(7,851)	(7,648)
Payment of shares withheld to satisfy withholding requirements	(64)	0
Payment of capital lease obligations	(166)	(190)
Purchase of Class A units of Manning & Napier Group, LLC	(37,720)	(32,401)
Payment of debt issuance costs	(622)	0
Net cash used in financing activities	(125,452)	(120,841)
Net decrease in cash and cash equivalents	(30,809)	(6,393)
Cash and cash equivalents:
Beginning of period	124,992	125,250
End of period	$ 94,183	$ 118,857

Organization and Nature of the

Organization and Nature of the Business	9 Months Ended
	Sep. 30, 2015
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 trusts, 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, such as 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 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 organization structure as of September 30, 2015 . (1) The operating subsidiaries of Manning & Napier Group include Manning & Napier Advisors, LLC ("MNA"), Manning & Napier Alternative Opportunities, LLC, Perspective Partners LLC, Manning & Napier Information Services, LLC, Manning & Napier Benefits, LLC, Manning & Napier Investor Services, Inc. and Exeter Trust Company.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Critical Accounting Policies There have been no significant changes in our critical accounting policies and estimates from those that were disclosed in our Annual Report on Form 10-K for the year ended December 31, 2014 . The Company believes that the disclosures herein are adequate so that the information presented is not misleading; however, these financial statements should be read in conjunction with the financial statements and the notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2014 . The financial data for the interim periods may not necessarily be indicative of results for future interim periods or for the full year. Basis of Presentation The accompanying unaudited 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 (“SEC”) for interim financial reporting and include all adjustments, consisting only of normal recurring adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim period. 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. Principles of Consolidation As of September 30, 2015 , Manning & Napier holds an approximately 16.7% economic interest in Manning & Napier Group but, 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 statements of financial condition with respect to the remaining economic interest in Manning & Napier Group held by Manning & Napier Group Holdings, LLC (“M&N Group Holdings”) and Manning & Napier Capital Company, LLC (“MNCC”). All material intercompany transactions have been eliminated in consolidation. In accordance with Accounting Standards Codification ("ASU") 2009-17, Consolidation (Topic 810) – Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities , 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”). In January 2010, the FASB deferred portions of ASU 2009-17 that relate to certain investment companies. The Company determined that certain entities for which it is the investment manager and/or general partner, qualify for the scope deferral and will continue to be assessed for consolidation under prior accounting guidance for consolidation of VIEs. The Company provides seed capital to its investment teams to develop new products and services for its clients. The original seed investment typically represents all or a majority of the equity investment in the new product. Pursuant to U.S. GAAP, the Company evaluates its seed investments on a regular basis and consolidates such investments for which it holds a controlling financial interest. The Company serves as the investment adviser for Manning & Napier Fund, Inc. series of mutual funds (the “Fund”) and the Exeter Trust Company Collective Investment Trusts (“CIT”). The Fund and CIT 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 voting interest entity (“VOE”). The Company holds, in limited cases, direct investments in a 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 is the General Partner of the MN Xenon Managed Futures Fund LP ("LP Fund"). The Company has determined that the LP Fund is not a VIE as (a) the entity has enough equity to finance its activities without additional financial support and (b) the limited partners, as a group, have the ability to remove the general partner ("kick-out rights") with a majority vote of partnership percentage. Under the voting interest model, the Company does not consolidate VOEs in which the presumption of control by the general partner is overcome by kick-out rights. Cash and Cash Equivalents The Company 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. Due from broker The Company and its consolidated funds conducts business with brokers for certain of its investment activities. The due from broker balances on the consolidated statements of financial condition represents cash held by brokers as collateral for managed futures. Investment Securities Investment securities are classified as either trading 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 trading consist of equity securities, fixed income securities, and investments in mutual funds and hedge funds for which the Company provides advisory services. Realized and unrealized gains and losses on trading securities are recorded in net gains (losses) on investments in the consolidated statements of operations. At September 30, 2015 , trading securities consist solely of investments held by the Company to provide initial cash seeding for product development purposes. 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 The majority of the Company’s revenues are based on fees charged to manage customers’ portfolios. Investment management fees are generally computed as a percentage of assets under management ("AUM") and recognized as earned. Fees for providing investment advisory services are computed and billed in accordance with the provisions of the applicable investment management agreements. For the Company’s separately managed accounts, clients either pay investment management fees 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 and recognizes it over the applicable period. When investment management fees are paid in arrears, the Company estimates revenues based on AUM market values as of the most recent month end date, and adjusts to actual when billed. For mutual funds and collective investment trust vehicles, the Company’s fees are calculated and earned daily based on AUM. Certain investment advisory contracts provide for a performance-based fee, in addition to a base investment management fee, which is calculated as a percentage of cumulative profits over and above the aggregate of previous period cumulative profits. Performance-based fees are recorded as a component of revenue at the end of each contract’s measurement period, when all contingencies are resolved, typically on a quarterly basis. For the nine months ended September 30, 2015 , the Company recognized less than $0.1 million in performance fee income. The Company has agreements with third parties who provide distribution and administrative services for its mutual funds, collective investment trusts and certain separately managed accounts. Third party agreements are evaluated against Financial Accounting Standards Board ("FASB") ASC 605-45 Revenue Recognition - Principal Agent Considerations to determine whether revenue should be reported gross or net of payments to third-party service providers. In management's judgment there are various indicators that support gross revenue reporting, the most notable being the Company acts as primary obligor and therefore principal service provider. Based on this evaluation, investment management service revenue is recorded gross of distribution and administrative fees paid to third parties. Advisory Agreements The Company derives significant revenue from its role as advisor to the Fund and the CIT. The Company's investments in the Fund amounted to approximately $1.2 million as of September 30, 2015 and $0.2 million as of December 31, 2014 . Fees earned for advisory related services provided to the Fund and CIT investment vehicles were approximately $35.8 million and $123.2 million for the three and nine months ended September 30, 2015 , respectively, and $56.5 million and $164.6 million for the three and nine months ended September 30, 2014 , respectively. These amounts represent greater than 10% of the Company's revenue in each respective period. Recent Accounting Pronouncements In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis . The ASU modifies existing consolidation guidance for determining whether certain legal entities should be consolidated. The new guidance will be effective on January 1, 2016, and requires either a retrospective or a modified retrospective approach to adoption. Early adoption is permitted. The Company is currently evaluating the potential impact on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , which supersedes existing accounting standards for revenue recognition and creates a single framework. The new guidance will be effective on January 1, 2018 and requires either a retrospective or a modified retrospective approach to adoption. Early application is permitted. The Company is currently evaluating its transition method and the potential impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs (Topic 835) . The ASU requires that debt issuance costs related to a recognized liability be presented in the balance sheet as a direct deduction from that debt liability. The new guidance will be effective on January 1, 2016. Early adoption is permitted. The Company is currently evaluating its transition method and the potential impact on its consolidated financial statements.

Noncontrolling Interests

Noncontrolling Interests	9 Months Ended
	Sep. 30, 2015
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Manning & Napier holds an approximately 16.7% economic interest in Manning & Napier Group, but 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 condition with respect to the remaining approximately 83.3% aggregate economic interest in Manning & Napier Group held by M&N Group Holdings and MNCC. Net income attributable to noncontrolling interests on the statements of operations represents the portion of earnings or loss attributable to the economic interest in Manning & Napier Group held by the noncontrolling interests. The following provides a reconciliation from “Income before provision for income taxes” to “Net income attributable to Manning & Napier, Inc.”: Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands) Income before provision for income taxes $ 24,726 $ 22,796 $ 95,605 $ 65,611 Less: (loss) gain before provision for income taxes of Manning & Napier, Inc. (a) (2,799 ) (87 ) (2,822 ) 2,015 Income before provision for income taxes, as adjusted 27,525 22,883 98,427 63,596 Controlling interest percentage (b) 16.7 % 14.5 % 16.0 % 14.3 % Net income attributable to controlling interest 4,647 3,318 15,714 9,086 Plus: (loss) gain before provision for income taxes of Manning & Napier, Inc. (a) (2,799 ) (87 ) (2,822 ) 2,015 Income before income taxes attributable to Manning & Napier, Inc. 1,848 3,231 12,892 11,101 Less: (benefit) provision for income taxes of Manning & Napier, Inc. (c) (1,694 ) 2,803 2,538 9,893 Net income attributable to Manning & Napier, Inc. $ 3,542 $ 428 $ 10,354 $ 1,208 ________________________ a) Manning & Napier, Inc. incurs certain gains or expenses that are only attributable to it and are therefore excluded from the net income attributable to noncontrolling interests. b) Income before provision for 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. c) The consolidated provision for income taxes is equal to the sum of (i) the provision for income taxes for entities other than Manning & Napier, Inc. and (ii) the provision for income taxes of Manning & Napier, Inc. which includes all U.S. federal and state income taxes. The consolidated provision for income taxes was a benefit of $1.6 million and a provision of $3.0 million for the three and nine months ended months ended September 30, 2015 , respectively, and approximately $3.0 million and $10.4 million for the three and nine months ended September 30, 2014 , respectively. On March 31, 2015, M&N Group Holdings and MNCC exchanged a total of 3,161,502 Class A units of Manning & Napier Group for approximately $36.3 million in cash. Subsequent to the exchange, the Class A units were retired. On March 31, 2015, the Company also purchased and retired 2,516,352 unvested Class A units of Manning & Napier Group held by M&N Group Holdings and MNCC at a predetermined cost basis for approximately $1.4 million in cash. These units were subject to performance-based vesting criteria in connection with the 2011 reorganization transactions and did not vest. In addition, on April 16, 2015, the Company granted approximately 1.1 million of Class A common stock awards under the 2011 Equity Compensation Plan (the "Equity Plan") (Note 11) for which Manning & Napier, Inc. acquired an equivalent number of Class A units of Manning & Napier Group. These acquisitions of additional operating membership interests were treated as reorganizations of entities under common control as required by ASC 805 " Business Combinations ". As a result of the aforementioned transactions, the Company's economic ownership interest in Manning & Napier Group increased to 16.7% . As of September 30, 2015 , M&N Group Holdings and MNCC may exchange an aggregate of 67,896,484 units of Manning & Napier Group for shares of the Company's Class A common stock pursuant to the terms of the exchange agreement entered into at the time of the Company's 2011 IPO. At September 30, 2015 and December 31, 2014 , the Company had recorded a liability of $42.0 million and $41.2 million , respectively, representing the estimated payments due to the selling unit holders under the tax receivable agreement ("TRA") entered into between Manning & Napier and the holders of Manning & Group. Of these amounts, $3.3 million and $2.1 million were included in accrued expenses and other liabilities at September 30, 2015 and December 31, 2014 , respectively. During the quarter ended September 30, 2015, the Company reduced its liability for income taxes associated with unrecognized tax benefits. As a result, the Company increased its deferred tax asset related to the TRA by $3.2 million resulting in an increase to the amounts payable under the TRA of approximately $2.8 million , representing 85% of the applicable cash savings. The Company made payments of approximately $2.1 million and $2.0 million pursuant to the TRA during the nine months ended September 30, 2015 and 2014 , respectively. Obligations pursuant to the TRA are obligations of Manning & Napier. They do not impact the noncontrolling interests. These obligations are not income tax obligations. Furthermore, the TRA has no impact on the allocation of the provision for income taxes to the Company’s net income.

Investment Securities

Investment Securities	9 Months Ended
	Sep. 30, 2015
Investments [Abstract]
Investment Securities	Investment Securities The following represents the Company’s investment securities holdings as of September 30, 2015 and December 31, 2014 : September 30, 2015 Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Available-for-sale securities U.S. Treasury notes (0.25%, 10/31/2015) $ 2,107 $ — $ (1 ) $ 2,106 Trading securities Equity securities 9,461 Fixed income securities 8,046 Mutual funds 114 Mutual funds - consolidated funds 1,058 Hedge funds 2,941 21,620 Total investment securities $ 23,726 December 31, 2014 Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Available-for-sale securities U.S. Treasury notes (0.25%, 10/31/2015) $ 2,107 $ — $ — $ 2,107 Trading securities Equity securities 12,048 Fixed income securities 9,366 Mutual funds 168 Hedge funds 3,226 24,808 Total investment securities $ 26,915 Investment securities are classified as either trading 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 trading consist of equity securities, fixed income securities and investments in mutual funds and hedge funds for which the Company provides advisory services. At September 30, 2015 and December 31, 2014 , trading securities consist solely of investments held by the Company to provide initial cash seeding for product development purposes. The Company recognized approximately $ 2.4 million and $ 0.9 million of net unrealized losses related to investments classified as trading during the nine months ended September 30, 2015 and 2014 , respectively. Investment securities classified as available-for-sale consist of U.S. Treasury notes for compliance with certain regulatory requirements. As of September 30, 2015 and December 31, 2014 , $0.6 million of these securities 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 nine months ended September 30, 2015 and 2014 .

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The Company enters into futures contracts for product development purposes. Futures are commitments either to purchase or sell a designated financial instrument, currency, commodity or an index at a specified future date for a specified price and may be settled in cash or another financial asset. Upon entering into a futures contract, the Company is required to pledge to the broker an amount of cash, which is reported in due from broker within the consolidated statements of financial condition. Futures contracts have little credit risk because the counterparties are futures exchanges. The Company does not hold any derivatives in a formal hedge relationship under ASC 815-10, Derivatives and Hedging. The following tables present the notional value and fair value as of September 30, 2015 and December 31, 2014 for derivative instruments not designated as hedging instruments: September 30, 2015 Fair Value Notional Value Asset Derivative Liability Derivative (in thousands) Interest rate futures $ 222,167 $ 272 $ (365 ) Index futures 1,513 25 (18 ) Commodity futures 2,015 94 (33 ) Currency futures 6,083 15 (25 ) Total derivatives $ 231,778 $ 406 $ (441 ) December 31, 2014 Fair Value Notional Value Asset Derivative Liability Derivative (in thousands) Interest rate futures $ 106,932 $ 162 $ (60 ) Index futures 2,032 51 (16 ) Commodity futures 3,506 41 (76 ) Currency futures 10,017 162 (17 ) Total derivatives $ 122,487 $ 416 $ (169 ) As of September 30, 2015 and December 31, 2014 , the derivative assets and liabilities are measured at fair value and are included in due from broker in the consolidated statements of financial condition, with changes in the fair value reported in net gains (losses) on investments in the consolidated statements of operations. For the nine months ended September 30, 2015 , the average volume of derivative activity (measured in terms of notional value) was approximately $238.5 million . The following table presents the gains (losses) recognized in net gains (losses) on investments in the consolidated statements of operations for the three and nine months ended September 30, 2015 and 2014 : Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands) Interest rate futures $ (877 ) $ 12 $ (1,420 ) $ (544 ) Index futures (137 ) (54 ) (47 ) 15 Commodity futures (33 ) 50 (10 ) (10 ) Currency futures (117 ) (58 ) (58 ) (23 ) Balance as of end of period $ (1,164 ) $ (50 ) $ (1,535 ) $ (562 ) The Company discloses information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position in accordance with ASU 2011-11, Disclosures about Offsetting Assets and Liabilities . The derivatives instruments are subject to a master netting agreement allowing for the netting of assets and liabilities on the consolidated statements of financial position. The following table presents the offsetting of managed futures as of September 30, 2015 and December 31, 2014 : Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets (Liabilities) Presented in the Statement of Financial Position Financial Instruments Cash Collateral Received (Pledged) Net Amount (in thousands) September 30, 2015 $ (441 ) $ 406 $ (35 ) $ — $ (35 ) $ — December 31, 2014 $ (169 ) $ 416 $ 247 $ — $ — $ 247

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	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 financial instruments as of September 30, 2015 and December 31, 2014 : September 30, 2015 Level 1 Level 2 Level 3 Totals (in thousands) Equity securities $ 9,461 $ — $ — $ 9,461 Fixed income securities 992 7,054 — 8,046 Mutual funds 114 — — 114 Mutual funds - consolidated funds 1,058 — — 1,058 Hedge funds — 2,941 — 2,941 U.S. Treasury notes — 2,106 — 2,106 Derivatives 406 — — 406 Total assets at fair value $ 12,031 $ 12,101 $ — $ 24,132 Derivatives $ 441 $ — $ — $ 441 Total liabilities at fair value $ 441 $ — $ — $ 441 December 31, 2014 Level 1 Level 2 Level 3 Totals (in thousands) Equity securities $ 12,048 $ — $ — $ 12,048 Fixed income securities 1,154 8,212 — 9,366 Mutual funds 168 — — 168 Hedge funds — 3,226 — 3,226 U.S. Treasury notes — 2,107 — 2,107 Derivatives 416 — — 416 Total assets at fair value $ 13,786 $ 13,545 $ — $ 27,331 Securities sold, not yet purchased $ 964 $ — $ — $ 964 Derivatives 169 — — 169 Total liabilities at fair value $ 1,133 $ — $ — $ 1,133 Valuations of investments in fixed income securities and U.S. Treasury notes 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 relies on the net asset value of certain hedge fund investments as their fair value. The net asset values have been derived from the fair values of underlying futures contracts as of the respective reporting dates. Redemptions may occur monthly at the net asset value and are therefore categorized as Level 2 in the hierarchy. There were no Level 3 securities held by the Company at September 30, 2015 or December 31, 2014 . 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 transfers between Level 1 and Level 2 securities during the nine months ended September 30, 2015 .

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	9 Months Ended
	Sep. 30, 2015
Accounts Payable and Accrued Liabilities [Abstract]
Accrued Expenses and Other Liabilities	Accrued Expenses and Other Liabilities Accrued expenses and other liabilities as of September 30, 2015 and December 31, 2014 consisted of the following: September 30, 2015 December 31, 2014 (in thousands) Accrued bonus and sales commissions $ 14,718 $ 28,801 Accrued payroll and benefits 3,528 3,424 Accrued sub-transfer agent fees 6,179 8,108 Dividends payable 2,361 3,291 Amounts payable under tax receivable agreement 3,313 2,100 Securities sold, not yet purchased — 964 Other accruals and liabilities 3,834 4,091 $ 33,933 $ 50,779

Borrowings

Borrowings	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Borrowings	Borrowings Revolving Credit Facility On April 23, 2015, Manning & Napier, Inc., Manning & Napier Group and MNA (collectively, the "Borrowers") entered into an unsecured revolving credit agreement (the "Credit Agreement") with Wells Fargo Bank, National Association, as administrative agent, lender, swingline lender and issuing bank, Manufacturers and Traders Trust Company, as syndication agent and lender, and First Niagara Bank, The Bank of New York Mellon, and The Huntington National Bank, as lenders (collectively, the "Lenders") that has a four -year term (until April 23, 2019) and provides borrowing capacity of up to $100.0 million , with a feature providing for an increase in the line to $150.0 million on approval by the Lenders. The Credit Agreement also provides for a $5.0 million sub-limit for the issuance of standby letters of credit and a $5.0 million swingline facility. At September 30, 2015 , there were no amounts outstanding under the Credit Agreement and the Company had the capacity to draw on the entire $100.0 million under the Credit Agreement. The Company incurred approximately $0.6 million of issuance costs to enter this facility. These costs are being amortized to interest expense over the contractual term of the Credit Agreement. Amounts outstanding under the Credit Agreement bear interest at an annual rate equal to, at the Company's option, either LIBOR (adjusted for reserves and not below 0.0% ) for interest periods of one, two, three or six months or a base rate (as defined in the Credit Agreement), plus, in each case, an applicable margin. The applicable margins range from 1.50% to 2.50% in the case of LIBOR-based loans, and 0.50% to 1.50% in the case of base rate loans. Under the terms of the Credit Agreement, the Company is also required to pay certain fees, including among other things a one-time initial commitment fee, and a quarterly fee based on the average unused amount of the facility ranging from 0.25% to 0.45% . The Credit Agreement contains customary covenants, including covenants that restrict (subject in certain instances to minimum thresholds or exceptions) the ability of the Company and certain of its subsidiaries to incur additional indebtedness, create liens, merge, dispose of assets, and make distributions, dividends, investments or capital expenditures, among other things. In addition, the Credit Agreement contains certain financial covenants, including: (i) a minimum interest coverage ratio (generally, adjusted EBITDA to interest expense as defined in and for the period specified in the Credit Agreement) of at least 4.00 :1.00 and (ii) a leverage ratio (generally, total debt as of any date to adjusted EBITDA as defined in and for the period specified in the Credit Agreement) of no greater than 2.75 :1.00. For purposes of the Credit Agreement, adjusted EBITDA generally means, for any period, net income of the Company before interest expense, income taxes, depreciation and amortization expense, non-cash stock-based compensation expense, and certain non-cash nonrecurring gains and losses as described in and specified under the Credit Agreement. At September 30, 2015 , the Company was in compliance with all financial covenants under the Credit Agreement. The Credit Agreement also contains customary provisions regarding events of default which could result in an acceleration of amounts due under the facility. Such events of default include the Company's failure to pay principal or interest when due, the Company's failure to satisfy or comply with covenants and a change of control.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
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 of one or more of the Manning & Napier Group entities. 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, Financial Industry Regulatory Authority, Inc., National Futures Association and U.S. Commodity Futures Trading Commission. 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 be subject to 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 September 30, 2015 and December 31, 2014 , the Company has not accrued for any such claims, legal proceedings, or other contingencies.

Earnings per Common Share

Earnings per Common Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share Basic 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 amount 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 equity awards and the exchangeable units of Manning & Napier Group, to the extent that such conversion would dilute earnings per share. The following is a reconciliation of the income and share data used in the basic and diluted earnings per share computations for the three and nine months ended September 30, 2015 and 2014 under the two-class method: Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands, except share data) Net income attributable to controlling and noncontrolling interests $ 26,326 $ 19,820 $ 92,645 $ 55,199 Less: net income attributable to noncontrolling interests 22,784 19,392 82,291 53,991 Net income attributable to Manning & Napier, Inc. $ 3,542 $ 428 $ 10,354 $ 1,208 Less: allocation to participating securities 247 — 482 — Net income available to Class A common stock $ 3,295 $ 428 $ 9,872 $ 1,208 Weighted average shares of Class A common stock outstanding - basic 13,745,130 13,705,134 13,732,980 13,669,391 Dilutive effect from unvested equity awards and Class A Units 68,144,078 224,886 218,671 153,011 Weighted average shares of Class A common stock outstanding - diluted 81,889,208 13,930,020 13,951,651 13,822,402 Net income available to Class A common stock per share - basic $ 0.24 $ 0.03 $ 0.72 $ 0.09 Net income available to Class A common stock per share - diluted $ 0.21 $ 0.03 $ 0.71 $ 0.09 For both the three and nine months ended September 30, 2015 and 2014, 181,378 restricted stock units were excluded from the calculation of diluted earnings per common share because the performance conditions had not yet been satisfied. For the three and nine months ended September 30, 2015 , 1,030,000 unvested restricted Class A common shares were excluded from the calculation of diluted earnings per common share because the effect would have been anti-dilutive. For the nine months ended September 30, 2015 and September 30, 2014 , 255,357 and 282,247 , respectively, restricted stock units were excluded from the calculation of diluted earnings per common share because the effect would have been anti-dilutive. At September 30, 2015 and September 30, 2014 there were 67,896,484 and 73,574,338 , respectively, Class A Units of Manning & Napier Group outstanding which, subject to certain restrictions, may be exchangeable for up to 67,896,484 and 73,574,338 , respectively, shares of the Company’s Class A common stock. The restrictions set forth in the exchange agreement were in place at the end of each respective reporting period. These units were included in the calculation of diluted earnings per common share for the three months ended September 30, 2015 . These units were not included in the calculation of diluted earnings per common share for the nine months ended September 30, 2015 and for the three and nine months ended September 30, 2014 , respectively, because the effect would have been anti-dilutive. The Company’s Class B common stock represent voting interests and do not participate in the earnings of the Company. Accordingly, there is no basic or diluted EPS related to the Company’s Class B common stock.

Equity Based Compensation

Equity Based Compensation	9 Months Ended
	Sep. 30, 2015
Share-based Compensation [Abstract]
Equity Based Compensation	Equity Based Compensation 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 IPO. A total of 13,142,813 equity interests are authorized for issuance. The equity interests may be issued in the form of the Company's Class A common stock, restricted stock units, units of Manning & Napier Group, or certain classes of membership interests in the Company which may convert into units of Manning & Napier Group. During the nine months ended September 30, 2015 , 1,436,947 equity awards were granted under the Equity Plan. The awards consist of 31,590 shares of Class A common stock, 1,150,000 restricted stock awards and 255,357 restricted stock units. The Class A common stock awards vested immediately, and the restricted share-based awards are subject to service-based vesting over a period ranging from 2 to 6 years . The following table summarizes the equity award activity for the nine months ended September 30, 2015 under the Company's Equity Plan: Restricted Stock Awards Weighted Average Grant Date Fair Value Stock awards outstanding at January 1, 2015 855,009 $ 15.32 Granted 1,436,947 $ 11.89 Vested (31,590 ) $ 12.20 Forfeited (161,888 ) $ 13.04 Stock awards outstanding at September 30, 2015 2,098,478 $ 13.19 The weighted average grant date fair value of Equity Plan awards granted during the nine months ended September 30, 2015 and 2014 was $11.89 and $15.29 , respectively, based on the closing sale price of Manning & Napier Inc.'s Class A common stock as reported on the New York Stock Exchange on the date of grant, and, where applicable, reduced by the present value of the dividends expected to be paid on the underlying shares during the requisite service period. Restricted stock unit awards are not entitled to dividends declared on the underlying shares of Class A common stock until the awards vest. For the three and nine months ended September 30, 2015 , the Company recorded approximately $1.2 million and $3.8 million , respectively, of compensation expense related to awards under the Equity Plan. For the three and nine months ended September 30, 2014 , the Company recorded approximately $0.9 million and $2.2 million , respectively, of compensation expense related to awards under the Equity Plan. For the three and nine months ended September 30, 2014 , the Company recognized approximately $20.8 million and $66.0 million , respectively, of compensation expense related to the vesting terms of ownership interests in connection with the 2011 reorganization transactions. As of September 30, 2015 , there was unrecognized compensation expense related to Equity Plan awards of approximately $16.9 million , which the Company expects to recognize over a weighted average period of approximately 4.3 years.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	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 LLC’s 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 and state and local income taxes on their earnings and losses, respectively. The Company’s income tax provision and effective tax rate were as follows: Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands) Earnings from continuing operations before income taxes $ 24,726 $ 22,796 $ 95,605 $ 65,611 Effective tax rate (6.5 )% 13.1 % 3.1 % 15.9 % (Benefit) provision for income taxes (1,600 ) 2,976 2,960 10,412 Provision for income taxes 35% 8,654 7,979 33,462 22,964 Difference between tax at effective vs. statutory rate $ (10,254 ) $ (5,003 ) $ (30,502 ) $ (12,552 ) For the three and nine months ended September 30, 2015 and 2014 , the difference between the Company’s recorded provision and the provision that would result from applying the U.S. statutory rate of 35% is primarily attributable to the benefit resulting from the fact that a significant portion of 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. For the three and nine months ended September 30, 2015 , the Company received an additional benefit of approximately $3.2 million resulting from the release of uncertain tax positions that increased the expected future tax benefits under the tax receivable agreement. For the nine months ended September 30, 2014 , the benefit is partially offset by a $2.2 million impact from enacted changes in tax laws that lowered the Company's expectation of the future tax benefits under the tax receivable agreement.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions 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 of certain of the Company's executive officers, including William Manning. Pursuant to the respective investment management agreements, in some instances the Company waives or reduces its regular advisory fees for these accounts and personal funds utilized to incubate products. The aggregate value of the fees earned was approximately $0.2 million and fees waived was less than $ 0.1 million for the nine months ended September 30, 2015 . Affiliate transactions - Manning & Napier Fund, Inc. The Company has agreements to serve as the investment manager of Manning & Napier Fund, Inc., with which certain of its officers are affiliated. Under the terms of these agreements, which are generally reviewed and continued by the board of directors of Manning & Napier Fund, Inc. annually, the Company receives a fee based on an annual percentage of the average daily net assets of each series within the Manning & Napier Fund, Inc. The Company has contractually agreed to limit its fees and reimburse expenses to limit operating expenses incurred by certain of Manning & Napier Fund, Inc. series.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions and dividends On November 2, 2015 , the Board of Directors approved a distribution from Manning & Napier Group to Manning & Napier and the noncontrolling interests of Manning & Napier Group. The amount of the distribution to the members of Manning & Napier Group is approximately $12.5 million , of which approximately $10.4 million is expected to be payable to the noncontrolling interests. Concurrently, the Board of Directors declared a $0.16 per share dividend to the holders of Class A common stock. The dividend is payable on or about February 1, 2016 to shareholders of record as of January 15, 2016 .

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Critical Accounting Policies	Critical Accounting Policies There have been no significant changes in our critical accounting policies and estimates from those that were disclosed in our Annual Report on Form 10-K for the year ended December 31, 2014 . The Company believes that the disclosures herein are adequate so that the information presented is not misleading; however, these financial statements should be read in conjunction with the financial statements and the notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2014 . The financial data for the interim periods may not necessarily be indicative of results for future interim periods or for the full year.
Basis of Presentation	Basis of Presentation The accompanying unaudited 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 (“SEC”) for interim financial reporting and include all adjustments, consisting only of normal recurring adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim period. 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.
Principles of Consolidation	Principles of Consolidation As of September 30, 2015 , Manning & Napier holds an approximately 16.7% economic interest in Manning & Napier Group but, 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 statements of financial condition with respect to the remaining economic interest in Manning & Napier Group held by Manning & Napier Group Holdings, LLC (“M&N Group Holdings”) and Manning & Napier Capital Company, LLC (“MNCC”). All material intercompany transactions have been eliminated in consolidation. In accordance with Accounting Standards Codification ("ASU") 2009-17, Consolidation (Topic 810) – Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities , 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”). In January 2010, the FASB deferred portions of ASU 2009-17 that relate to certain investment companies. The Company determined that certain entities for which it is the investment manager and/or general partner, qualify for the scope deferral and will continue to be assessed for consolidation under prior accounting guidance for consolidation of VIEs. The Company provides seed capital to its investment teams to develop new products and services for its clients. The original seed investment typically represents all or a majority of the equity investment in the new product. Pursuant to U.S. GAAP, the Company evaluates its seed investments on a regular basis and consolidates such investments for which it holds a controlling financial interest. The Company serves as the investment adviser for Manning & Napier Fund, Inc. series of mutual funds (the “Fund”) and the Exeter Trust Company Collective Investment Trusts (“CIT”). The Fund and CIT 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 voting interest entity (“VOE”). The Company holds, in limited cases, direct investments in a 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 is the General Partner of the MN Xenon Managed Futures Fund LP ("LP Fund"). The Company has determined that the LP Fund is not a VIE as (a) the entity has enough equity to finance its activities without additional financial support and (b) the limited partners, as a group, have the ability to remove the general partner ("kick-out rights") with a majority vote of partnership percentage. Under the voting interest model, the Company does not consolidate VOEs in which the presumption of control by the general partner is overcome by kick-out rights.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company 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.
Due from broker	Due from broker The Company and its consolidated funds conducts business with brokers for certain of its investment activities. The due from broker balances on the consolidated statements of financial condition represents cash held by brokers as collateral for managed futures.
Investment Securities	Investment Securities Investment securities are classified as either trading 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 trading consist of equity securities, fixed income securities, and investments in mutual funds and hedge funds for which the Company provides advisory services. Realized and unrealized gains and losses on trading securities are recorded in net gains (losses) on investments in the consolidated statements of operations. At September 30, 2015 , trading securities consist solely of investments held by the Company to provide initial cash seeding for product development purposes.
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 The majority of the Company’s revenues are based on fees charged to manage customers’ portfolios. Investment management fees are generally computed as a percentage of assets under management ("AUM") and recognized as earned. Fees for providing investment advisory services are computed and billed in accordance with the provisions of the applicable investment management agreements. For the Company’s separately managed accounts, clients either pay investment management fees 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 and recognizes it over the applicable period. When investment management fees are paid in arrears, the Company estimates revenues based on AUM market values as of the most recent month end date, and adjusts to actual when billed. For mutual funds and collective investment trust vehicles, the Company’s fees are calculated and earned daily based on AUM. Certain investment advisory contracts provide for a performance-based fee, in addition to a base investment management fee, which is calculated as a percentage of cumulative profits over and above the aggregate of previous period cumulative profits. Performance-based fees are recorded as a component of revenue at the end of each contract’s measurement period, when all contingencies are resolved, typically on a quarterly basis. For the nine months ended September 30, 2015 , the Company recognized less than $0.1 million in performance fee income. The Company has agreements with third parties who provide distribution and administrative services for its mutual funds, collective investment trusts and certain separately managed accounts. Third party agreements are evaluated against Financial Accounting Standards Board ("FASB") ASC 605-45 Revenue Recognition - Principal Agent Considerations to determine whether revenue should be reported gross or net of payments to third-party service providers. In management's judgment there are various indicators that support gross revenue reporting, the most notable being the Company acts as primary obligor and therefore principal service provider. Based on this evaluation, investment management service revenue is recorded gross of distribution and administrative fees paid to third parties.
Advisory Agreements	Advisory Agreements The Company derives significant revenue from its role as advisor to the Fund and the CIT. The Company's investments in the Fund amounted to approximately $1.2 million as of September 30, 2015 and $0.2 million as of December 31, 2014 . Fees earned for advisory related services provided to the Fund and CIT investment vehicles were approximately $35.8 million and $123.2 million for the three and nine months ended September 30, 2015 , respectively, and $56.5 million and $164.6 million for the three and nine months ended September 30, 2014 , respectively. These amounts represent greater than 10% of the Company's revenue in each respective period.

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	9 Months Ended
	Sep. 30, 2015
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 income taxes” to “Net income attributable to Manning & Napier, Inc.”: Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands) Income before provision for income taxes $ 24,726 $ 22,796 $ 95,605 $ 65,611 Less: (loss) gain before provision for income taxes of Manning & Napier, Inc. (a) (2,799 ) (87 ) (2,822 ) 2,015 Income before provision for income taxes, as adjusted 27,525 22,883 98,427 63,596 Controlling interest percentage (b) 16.7 % 14.5 % 16.0 % 14.3 % Net income attributable to controlling interest 4,647 3,318 15,714 9,086 Plus: (loss) gain before provision for income taxes of Manning & Napier, Inc. (a) (2,799 ) (87 ) (2,822 ) 2,015 Income before income taxes attributable to Manning & Napier, Inc. 1,848 3,231 12,892 11,101 Less: (benefit) provision for income taxes of Manning & Napier, Inc. (c) (1,694 ) 2,803 2,538 9,893 Net income attributable to Manning & Napier, Inc. $ 3,542 $ 428 $ 10,354 $ 1,208 ________________________ a) Manning & Napier, Inc. incurs certain gains or expenses that are only attributable to it and are therefore excluded from the net income attributable to noncontrolling interests. b) Income before provision for 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. c) The consolidated provision for income taxes is equal to the sum of (i) the provision for income taxes for entities other than Manning & Napier, Inc. and (ii) the provision for income taxes of Manning & Napier, Inc. which includes all U.S. federal and state income taxes. The consolidated provision for income taxes was a benefit of $1.6 million and a provision of $3.0 million for the three and nine months ended months ended September 30, 2015 , respectively, and approximately $3.0 million and $10.4 million for the three and nine months ended September 30, 2014 , respectively.

Investment Securities (Tables)

Investment Securities (Tables)	9 Months Ended
	Sep. 30, 2015
Investments [Abstract]
Company's Investment Securities Holdings	The following represents the Company’s investment securities holdings as of September 30, 2015 and December 31, 2014 : September 30, 2015 Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Available-for-sale securities U.S. Treasury notes (0.25%, 10/31/2015) $ 2,107 $ — $ (1 ) $ 2,106 Trading securities Equity securities 9,461 Fixed income securities 8,046 Mutual funds 114 Mutual funds - consolidated funds 1,058 Hedge funds 2,941 21,620 Total investment securities $ 23,726 December 31, 2014 Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Available-for-sale securities U.S. Treasury notes (0.25%, 10/31/2015) $ 2,107 $ — $ — $ 2,107 Trading securities Equity securities 12,048 Fixed income securities 9,366 Mutual funds 168 Hedge funds 3,226 24,808 Total investment securities $ 26,915

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following tables present the notional value and fair value as of September 30, 2015 and December 31, 2014 for derivative instruments not designated as hedging instruments: September 30, 2015 Fair Value Notional Value Asset Derivative Liability Derivative (in thousands) Interest rate futures $ 222,167 $ 272 $ (365 ) Index futures 1,513 25 (18 ) Commodity futures 2,015 94 (33 ) Currency futures 6,083 15 (25 ) Total derivatives $ 231,778 $ 406 $ (441 ) December 31, 2014 Fair Value Notional Value Asset Derivative Liability Derivative (in thousands) Interest rate futures $ 106,932 $ 162 $ (60 ) Index futures 2,032 51 (16 ) Commodity futures 3,506 41 (76 ) Currency futures 10,017 162 (17 ) Total derivatives $ 122,487 $ 416 $ (169 )
Schedules of Derivative Gains and Losses	The following table presents the gains (losses) recognized in net gains (losses) on investments in the consolidated statements of operations for the three and nine months ended September 30, 2015 and 2014 : Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands) Interest rate futures $ (877 ) $ 12 $ (1,420 ) $ (544 ) Index futures (137 ) (54 ) (47 ) 15 Commodity futures (33 ) 50 (10 ) (10 ) Currency futures (117 ) (58 ) (58 ) (23 ) Balance as of end of period $ (1,164 ) $ (50 ) $ (1,535 ) $ (562 )
Offsetting of Managed Futures	The following table presents the offsetting of managed futures as of September 30, 2015 and December 31, 2014 : Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Statement of Financial Position Net Amounts of Assets (Liabilities) Presented in the Statement of Financial Position Financial Instruments Cash Collateral Received (Pledged) Net Amount (in thousands) September 30, 2015 $ (441 ) $ 406 $ (35 ) $ — $ (35 ) $ — December 31, 2014 $ (169 ) $ 416 $ 247 $ — $ — $ 247

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Hierarchy of Inputs Used to Derive the Fair Value of Company's Financial Instruments	The following provides the hierarchy of inputs used to derive the fair value of the Company’s financial instruments as of September 30, 2015 and December 31, 2014 : September 30, 2015 Level 1 Level 2 Level 3 Totals (in thousands) Equity securities $ 9,461 $ — $ — $ 9,461 Fixed income securities 992 7,054 — 8,046 Mutual funds 114 — — 114 Mutual funds - consolidated funds 1,058 — — 1,058 Hedge funds — 2,941 — 2,941 U.S. Treasury notes — 2,106 — 2,106 Derivatives 406 — — 406 Total assets at fair value $ 12,031 $ 12,101 $ — $ 24,132 Derivatives $ 441 $ — $ — $ 441 Total liabilities at fair value $ 441 $ — $ — $ 441 December 31, 2014 Level 1 Level 2 Level 3 Totals (in thousands) Equity securities $ 12,048 $ — $ — $ 12,048 Fixed income securities 1,154 8,212 — 9,366 Mutual funds 168 — — 168 Hedge funds — 3,226 — 3,226 U.S. Treasury notes — 2,107 — 2,107 Derivatives 416 — — 416 Total assets at fair value $ 13,786 $ 13,545 $ — $ 27,331 Securities sold, not yet purchased $ 964 $ — $ — $ 964 Derivatives 169 — — 169 Total liabilities at fair value $ 1,133 $ — $ — $ 1,133

Accrued Expenses and Other Li28

Accrued Expenses and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2015
Accounts Payable and Accrued Liabilities [Abstract]
Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities as of September 30, 2015 and December 31, 2014 consisted of the following: September 30, 2015 December 31, 2014 (in thousands) Accrued bonus and sales commissions $ 14,718 $ 28,801 Accrued payroll and benefits 3,528 3,424 Accrued sub-transfer agent fees 6,179 8,108 Dividends payable 2,361 3,291 Amounts payable under tax receivable agreement 3,313 2,100 Securities sold, not yet purchased — 964 Other accruals and liabilities 3,834 4,091 $ 33,933 $ 50,779

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Calculation of basic and diluted earnings per share	The following is a reconciliation of the income and share data used in the basic and diluted earnings per share computations for the three and nine months ended September 30, 2015 and 2014 under the two-class method: Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands, except share data) Net income attributable to controlling and noncontrolling interests $ 26,326 $ 19,820 $ 92,645 $ 55,199 Less: net income attributable to noncontrolling interests 22,784 19,392 82,291 53,991 Net income attributable to Manning & Napier, Inc. $ 3,542 $ 428 $ 10,354 $ 1,208 Less: allocation to participating securities 247 — 482 — Net income available to Class A common stock $ 3,295 $ 428 $ 9,872 $ 1,208 Weighted average shares of Class A common stock outstanding - basic 13,745,130 13,705,134 13,732,980 13,669,391 Dilutive effect from unvested equity awards and Class A Units 68,144,078 224,886 218,671 153,011 Weighted average shares of Class A common stock outstanding - diluted 81,889,208 13,930,020 13,951,651 13,822,402 Net income available to Class A common stock per share - basic $ 0.24 $ 0.03 $ 0.72 $ 0.09 Net income available to Class A common stock per share - diluted $ 0.21 $ 0.03 $ 0.71 $ 0.09

Equity Based Compensation (Tabl

Equity Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Share-based Compensation [Abstract]
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	The following table summarizes the equity award activity for the nine months ended September 30, 2015 under the Company's Equity Plan: Restricted Stock Awards Weighted Average Grant Date Fair Value Stock awards outstanding at January 1, 2015 855,009 $ 15.32 Granted 1,436,947 $ 11.89 Vested (31,590 ) $ 12.20 Forfeited (161,888 ) $ 13.04 Stock awards outstanding at September 30, 2015 2,098,478 $ 13.19

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Tax Provision and Effective Tax Rate	The Company’s income tax provision and effective tax rate were as follows: Three months ended September 30, Nine months ended September 30, 2015 2014 2015 2014 (in thousands) Earnings from continuing operations before income taxes $ 24,726 $ 22,796 $ 95,605 $ 65,611 Effective tax rate (6.5 )% 13.1 % 3.1 % 15.9 % (Benefit) provision for income taxes (1,600 ) 2,976 2,960 10,412 Provision for income taxes 35% 8,654 7,979 33,462 22,964 Difference between tax at effective vs. statutory rate $ (10,254 ) $ (5,003 ) $ (30,502 ) $ (12,552 )

Organization and Nature of th32

Organization and Nature of the Business (Details)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Class A common Stock of Public Investors	100.00%
Class B common Stock of William Manning	100.00%
Voting Rights held by public	49.80%
Percentage of voting rights held by majority shareholder	50.20%
Percentage of economic rights held by public	100.00%
Percentage Of Economic Rights Held By Controlling Shareholder	0.00%
Outside ownership interest in limited liability and limited partnership companies	1.00%
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	16.70%
Majority Outside Ownership Interest in limited liability and limited partnership companies	82.30%
Outside Voting Rights in Limited Liability Company LLC or Limited Partnership companies	1.00%
Managing Member or General Partner Voting Rights In Limited Liability Company LLC or Limited Partnership	16.70%
Majority Outside Voting Rights in Limited Liability Company LLC or Limited Partnership companies	82.30%
Outside Economic Rights in Limited Liability Company LLC or Limited Partnership companies	1.00%
Managing Member or General Partner Economic Rights of Limited Liability Company LLC or Limited	16.70%
Majority Outside Economic Rights in Limited Liability Company LLC Or Limited Partnership Companies	82.30%

Summary of Significant Accoun33

Summary of Significant Accounting Policies (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)Segment	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Number of segments | Segment			1
Performance Fees			$ 100
Trading securities, at fair value	$ 21,620		21,620		$ 24,808
Fees earned for advisory related services provided to the Fund and CIT investment vehicles	35,800	$ 56,500	123,200	$ 164,600
Managed Mutual Funds and Managed Mutual Consolidated Funds | Manning & Napier Fund
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Trading securities, at fair value	1,172		1,172
Mutual Funds
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Trading securities, at fair value	114		114		168
Mutual Funds | Manning & Napier Fund
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Trading securities, at fair value	$ 114		$ 114		$ 168
Manning & Napier Group, LLC
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Percentage of economic interest in Manning & Napier Group held by Manning & Napier, Inc (percent)	16.70%		16.70%

Noncontrolling Interests (Recon

Noncontrolling Interests (Reconciliation of Income) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Noncontrolling Interest [Abstract]
Income before provision for income taxes		$ 24,726	$ 22,796	$ 95,605	$ 65,611
Less: gain (loss) before provision for income taxes of Manning & Napier, Inc.	[1]	(2,799)	(87)	(2,822)	2,015
Income before provision for income taxes, as adjusted		$ 27,525	$ 22,883	$ 98,427	$ 63,596
Controlling interest percentage	[2]	16.70%	14.50%	16.00%	14.30%
Net income attributable to controlling interest		$ 4,647	$ 3,318	$ 15,714	$ 9,086
Plus: gain (loss) before provision for income taxes of Manning & Napier, Inc.	[1]	(2,799)	(87)	(2,822)	2,015
Income before income taxes attributable to Manning & Napier, Inc.		1,848	3,231	12,892	11,101
Less: provision for income taxes of Manning & Napier, Inc.	[3]	(1,694)	2,803	2,538	9,893
Net income attributable to Manning & Napier, Inc.		3,542	428	10,354	1,208
(Benefit) provision for income taxes		$ (1,600)	$ 2,976	$ 2,960	$ 10,412
[1]	Manning & Napier, Inc. incurs certain gains 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 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.
[3]	The consolidated provision for income taxes is equal to the sum of (i) the provision for income taxes for entities other than Manning & Napier, Inc. and (ii) the provision for income taxes of Manning & Napier, Inc. which includes all U.S. federal and state income taxes. The consolidated provision for income taxes was a benefit of $1.6 million and a provision of $3.0 million for the three and nine months ended months ended September 30, 2015, respectively, and approximately $3.0 million and $10.4 million for the three and nine months ended September 30, 2014, respectively.

Noncontrolling Interests (Textu

Noncontrolling Interests (Textual) (Detail) - USD ($) $ in Thousands	Apr. 16, 2015	Mar. 31, 2015	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Noncontrolling Interest [Line Items]
Payments due to selling unit holders			$ 42,000	$ 42,000		$ 41,200
Amounts payable under tax receivable agreement			3,313	3,313		$ 2,100
Increase in deferred tax asset related to TRA			3,200	$ 3,200
Increase in amounts payable under TRA			$ 2,800
Cash savings (percent)			85.00%	85.00%
Payments for TRA				$ 2,100	$ 2,000
Distributions				$ 79,029	$ 80,602
Manning & Napier Group, LLC
Noncontrolling Interest [Line Items]
Percentage of economic interest in Manning & Napier Group held by Manning & Napier, Inc (percent)			16.70%	16.70%
Purchase of Class A units of Manning & Napier Group, LLC held by noncontrolling interests, shares		3,161,502
Payments to acquire additional interest in subsidiaries		$ 36,300
Purchase of Class A units of Manning & Napier Group, LLC held by noncontrolling interests, unvested, shares		2,516,352
Payments to acquire additional interest in subsidiaries, unvested		$ 1,400
Manning And Napier Group Holding LLC
Noncontrolling Interest [Line Items]
Percentage of economic interest in Manning & Napier Group held by MN Group Holdings, MNCC and the other members of Manning & Napier Group (percent)			83.30%	83.30%
Class A units | Class A Units | Manning & Napier Group, LLC
Noncontrolling Interest [Line Items]
Number of common units available for conversion			67,896,484	67,896,484	73,574,338
2011 Plan | Class A common stock
Noncontrolling Interest [Line Items]
Shares granted in period, net of forfeitures	1,100,000

Investment Securities (Company'

Investment Securities (Company's Investment Securities Holdings) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Investment Holdings [Line Items]
Trading Securities, Fair Value	$ 21,620	$ 24,808
Investment securities - consolidated funds	1,058	0
Total investment securities	$ 23,726	$ 26,915
U.S. Treasury notes (0.25%, 10/31/2015)
Investment Holdings [Line Items]
Total Return of Notes	0.25%	0.25%
Cost	$ 2,107	$ 2,107
Unrealized Gains	0	0
Unrealized Losses	(1)	0
Fair Value	2,106	2,107
Equity securities
Investment Holdings [Line Items]
Trading Securities, Fair Value	9,461	12,048
Fixed income securities
Investment Holdings [Line Items]
Trading Securities, Fair Value	8,046	9,366
Mutual Funds
Investment Holdings [Line Items]
Trading Securities, Fair Value	114	168
Mutual funds - consolidated funds
Investment Holdings [Line Items]
Trading Securities, Fair Value	1,058
Hedge Funds
Investment Holdings [Line Items]
Trading Securities, Fair Value	2,941	3,226
Manning & Napier Fund | Mutual Funds
Investment Holdings [Line Items]
Trading Securities, Fair Value	114	168
Manning & Napier Fund | Hedge Funds
Investment Holdings [Line Items]
Trading Securities, Fair Value	$ 2,941	$ 3,226

Investment Securities (Textual)

Investment Securities (Textual) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Investments [Abstract]
Recognized net unrealized gains (loss) on trading securities	$ (2,400,000)	$ 900,000
Available-for-sale Securities, Restricted	600,000		$ 600,000
Other than Temporary Impairment Losses Recognized	$ 0	$ 0

Derivative Instruments - Deriva

Derivative Instruments - Derivative Instruments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Future
Derivative [Line Items]
Asset Derivative	$ 406	$ 416
Liability Derivative	(441)	(169)
Not Designated as Hedging Instrument
Derivative [Line Items]
Notional Value	231,778	122,487
Asset Derivative	406	416
Liability Derivative	(441)	(169)
Not Designated as Hedging Instrument | Future
Derivative [Line Items]
Average Volume of Derivative Activity	238,500
Not Designated as Hedging Instrument | Interest Rate Contract | Future
Derivative [Line Items]
Notional Value	222,167	106,932
Asset Derivative	272	162
Liability Derivative	(365)	(60)
Not Designated as Hedging Instrument | Index Contract | Future
Derivative [Line Items]
Notional Value	1,513	2,032
Asset Derivative	25	51
Liability Derivative	(18)	(16)
Not Designated as Hedging Instrument | Commodity Contract | Future
Derivative [Line Items]
Notional Value	2,015	3,506
Asset Derivative	94	41
Liability Derivative	(33)	(76)
Not Designated as Hedging Instrument | Currency Contract | Future
Derivative [Line Items]
Notional Value	6,083	10,017
Asset Derivative	15	162
Liability Derivative	$ (25)	$ (17)

Derivative Instruments - Gains

Derivative Instruments - Gains and Losses (Details) - Not Designated as Hedging Instrument - Net Capital Gains (Losses) on Investments - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ (1,164)	$ (50)	$ (1,535)	$ (562)
Future | Interest Rate Contract
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(877)	12	(1,420)	(544)
Future | Index Contract
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(137)	(54)	(47)	15
Future | Commodity Contract
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(33)	50	(10)	(10)
Future | Currency Contract
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ (117)	$ (58)	$ (58)	$ (23)

Derivative Instruments - Offset

Derivative Instruments - Offsetting (Details) - Future - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Offsetting Liabilities [Line Items]
Gross Amounts of Recognized Liabilities	$ (441)	$ (169)
Gross Amounts Offset in the Statement of Financial Position	406	416
Net Amounts of Assets (Liabilities) Presented in the Statement of Financial Position	(35)	247
Financial Instruments	0	0
Cash Collateral Received (Pledged)	(35)	0
Net Amount	$ 0	$ 247

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, at fair value	$ 21,620	$ 24,808
Derivatives	406	416
Total assets at fair value	24,132	27,331
Securities sold, not yet purchased	0	964
Derivatives	441	169
Total liabilities at fair value	441	1,133
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, at fair value	9,461	12,048
Fixed income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, at fair value	8,046	9,366
Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, at fair value	114	168
Mutual funds - consolidated funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, at fair value	1,058
Hedge Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, at fair value	2,941	3,226
U.S. Treasury Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, at fair value	2,106	2,107
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives	406	416
Total assets at fair value	12,031	13,786
Securities sold, not yet purchased		964
Derivatives	441	169
Total liabilities at fair value	441	1,133
Level 1 | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, at fair value	9,461	12,048
Level 1 | Fixed income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, at fair value	992	1,154
Level 1 | Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, at fair value	114	168
Level 1 | Mutual funds - consolidated funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, at fair value	1,058
Level 1 | Hedge Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, at fair value	0	0
Level 1 | U.S. Treasury Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, at fair value	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives	0	0
Total assets at fair value	12,101	13,545
Securities sold, not yet purchased		0
Derivatives	0	0
Total liabilities at fair value	0	0
Level 2 | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, at fair value	0	0
Level 2 | Fixed income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, at fair value	7,054	8,212
Level 2 | Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, at fair value	0	0
Level 2 | Mutual funds - consolidated funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, at fair value	0
Level 2 | Hedge Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, at fair value	2,941	3,226
Level 2 | U.S. Treasury Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, at fair value	2,106	2,107
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives	0	0
Total assets at fair value	0	0
Securities sold, not yet purchased		0
Derivatives	0	0
Total liabilities at fair value	0	0
Level 3 | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, at fair value	0	0
Level 3 | Fixed income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, at fair value	0	0
Level 3 | Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, at fair value	0	0
Level 3 | Mutual funds - consolidated funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, at fair value	0
Level 3 | Hedge Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, at fair value	0	0
Level 3 | U.S. Treasury Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, at fair value	$ 0	$ 0

Accrued Expenses and Other Li42

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Accounts Payable and Accrued Liabilities [Abstract]
Accrued bonus and sales commissions	$ 14,718	$ 28,801
Accrued payroll and benefits	3,528	3,424
Accrued sub-transfer agent fees	6,179	8,108
Dividends payable	2,361	3,291
Amounts payable under tax receivable agreement	3,313	2,100
Securities sold, not yet purchased	0	964
Other accruals and liabilities	3,834	4,091
Accrued expenses and other liabilities	$ 33,933	$ 50,779

Borrowings (Details)

Borrowings (Details) - USD ($)	Apr. 23, 2015	Sep. 30, 2015
Debt Instrument [Line Items]
Debt instrument, interest rate, minimum (percent)	0.00%
Revolving Credit Facility $100.0 Million | Revolving Credit Facility
Debt Instrument [Line Items]
Debt Instrument, Term	4 years
Revolving line of credit, maximum borrowing capacity	$ 100,000,000
Line of Credit Facility Increase Additional Borrowings On Condition Satisfaction	150,000,000
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases	5,000,000
Line of Credit Facility Capacity Available for Swingline Facility	5,000,000
Line of Credit Facility, Fair Value of Amount Outstanding		$ 0
Debt issuance costs	$ 600,000
Interest rate description	LIBOR
Minimum Interest Coverage Ratio	4
Maximum Leverage Ratio	2.75
Revolving Credit Facility $100.0 Million | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Line of Credit Facility LIBOR Based Loan Basis Spread on Alternative Base Rate	1.50%
Line of Credit Facility Base Rate Loan Basis Spread on Alternative Base Rate	0.50%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.25%
Revolving Credit Facility $100.0 Million | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Line of Credit Facility LIBOR Based Loan Basis Spread on Alternative Base Rate	2.50%
Line of Credit Facility Base Rate Loan Basis Spread on Alternative Base Rate	1.50%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.45%

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income attributable to controlling and noncontrolling interests	$ 26,326	$ 19,820	$ 92,645	$ 55,199
Less: net income attributable to noncontrolling interests	22,784	19,392	82,291	53,991
Net income attributable to Manning & Napier, Inc.	3,542	428	10,354	1,208
Less: allocation to participating securities	247	0	482	0
Net income available to Class A common stock	$ 3,295	$ 428	$ 9,872	$ 1,208
Weighted average basic shares of Class A common stock outstanding (shares)	13,745,130	13,705,134	13,732,980	13,669,391
Weighted Average Number Diluted Shares Outstanding Adjustment	68,144,078	224,886	218,671	153,011
Weighted average diluted shares of Class A common stock outstanding (shares)	81,889,208	13,930,020	13,951,651	13,822,402
Net income available to Class A common stock per basic (dollars per share)	$ 0.24	$ 0.03	$ 0.72	$ 0.09
Net income (loss) available to Class A common stock per share - diluted (dollars per share)	$ 0.21	$ 0.03	$ 0.71	$ 0.09
Class A common stock | Class A units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Class A common stock excluded from computation of earnings per share (in shares)			67,896,484	73,574,338
Manning & Napier Group, LLC | Class A units | Class A Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of common units available for conversion	67,896,484	73,574,338	67,896,484	73,574,338
Restricted Stock Units (RSUs) | Class A common stock | Share-based Compensation Award, Tranche One [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Class A common stock excluded from computation of earnings per share (in shares)			255,357	282,247
Restricted Stock Units (RSUs) | Class A common stock | Class A units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Class A common stock excluded from computation of earnings per share (in shares)			1,030,000
Restricted Stock Awards [Member] | Class A common stock | Class A units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Class A common stock excluded from computation of earnings per share (in shares)	1,030,000
Vesting over Three Year Service Period | Restricted Stock Units (RSUs) | 2011 Plan | Class A common stock | Performance Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Class A common stock excluded from computation of earnings per share (in shares)	181,378		181,378

Equity Based Compensation (Rest

Equity Based Compensation (Restricted Stock Awards) (Details) - $ / shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Stock Units
Stock unit awards, beginning balance (shares)	855,009
Granted (shares)	1,436,947
Vested (shares)	(31,590)
Forfeited (shares)	(161,888)
Stock unit awards, ending balance (shares)	2,098,478
Weighted Average Grant Date Fair Value
Stock unit awards, beginning balance, weighted average grant date fair value (dollars per share)	$ 15.32
Granted, weighted average grant date fair value (dollars per share)	11.89	$ 15.29
Vested, weighted average grant date fair value (dollars per share)	12.20
Forfeited, weighted average grant date fair value (dollars per share)	13.04
Stock unit awards, ending balance, weighted average grant date fair value (dollars per share)	$ 13.19

Equity Based Compensation (Text

Equity Based Compensation (Textual) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (shares)			1,436,947
Weighted average fair value of the awards granted (dollars per share)			$ 11.89	$ 15.29
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (shares)			1,150,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (shares)			255,357
Reorganization Related
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 20.8		$ 66
2011 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	13,142,813		13,142,813
Share-based compensation expense	$ 1.2	$ 0.9	$ 3.8	$ 2.2
Unrecognized compensation expense related to unvested awards	$ 16.9		$ 16.9
Weighted average period of unrecognized compensation expense (years)			4 years 3 months
Class A common stock | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (shares)			31,590
Minimum | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			2 years
Maximum | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			6 years

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Earnings from continuing operations before income taxes	$ 24,726	$ 22,796	$ 95,605	$ 65,611
Effective Tax Rate (percent)	(6.50%)	13.10%	3.10%	15.90%
(Benefit) provision for income taxes	$ (1,600)	$ 2,976	$ 2,960	$ 10,412
Provision for income taxes @ 35%	8,654	7,979	33,462	22,964
Difference between tax at effective vs. statutory rate	$ (10,254)	$ (5,003)	$ (30,502)	$ (12,552)
Effective income tax rate, federal statutory income tax rate (percent)	35.00%	35.00%	35.00%	35.00%
Increase in deferred tax asset related to TRA	$ 3,200		$ 3,200
Change in enacted tax rate amount				$ 2,200

Related Party Transactions (Det

Related Party Transactions (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Related Party Transactions [Abstract]
Fees earned	$ 0.2
Investment advisory fees waived	$ 0.1

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 02, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Subsequent Event [Line Items]
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders				$ 79,029	$ 80,602
Per share dividend declared to the holders of Class A common stock		$ 0.16	$ 0.16	$ 0.48	$ 0.48
Class A common stock
Subsequent Event [Line Items]
Per share dividend declared to the holders of Class A common stock				$ 0.48	$ 0.48
Non Controlling Interest
Subsequent Event [Line Items]
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders				$ 79,029	$ 80,602
Non Controlling Interest | Subsequent Event
Subsequent Event [Line Items]
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	$ 10,400
Manning & Napier Group, LLC | Subsequent Event
Subsequent Event [Line Items]
Amount approved for distribution to members of Manning & Napier Group	$ 12,500
Manning & Napier Group, LLC | Subsequent Event | Class A common stock
Subsequent Event [Line Items]
Per share dividend declared to the holders of Class A common stock	$ 0.16