Manning & Napier (MN) 10-Q 8 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 03, 2017
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
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		15,039,347
Class B common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1,000

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 103,322	$ 100,819
Accounts receivable	11,041	15,434
Accounts receivable—affiliated mutual funds	6,213	6,761
Investment securities	38,322	36,475
Investment securities - consolidated funds	0	995
Prepaid expenses and other assets	2,977	4,883
Total current assets	161,875	165,367
Property and equipment, net	5,536	5,680
Net deferred tax assets, non-current	39,563	41,905
Goodwill	4,829	4,829
Other long-term assets	2,784	2,818
Total assets	214,587	220,599
Liabilities
Accounts payable	1,915	2,053
Accrued expenses and other liabilities	25,609	35,115
Deferred revenue	10,326	10,210
Total current liabilities	37,850	47,378
Other long-term liabilities	3,352	4,034
Amounts payable under tax receivable agreement, non-current	32,244	34,709
Total liabilities	73,446	86,121
Commitments and contingencies (Note 8)
Shareholders’ equity
Additional paid-in capital	198,536	200,158
Retained deficit	(35,706)	(37,383)
Accumulated other comprehensive income (loss)	(30)	(13)
Total shareholders’ equity	162,950	162,912
Noncontrolling interests	(21,809)	(28,434)
Total shareholders’ equity and noncontrolling interests	141,141	134,478
Total liabilities, shareholders’ equity and noncontrolling interests	214,587	220,599
Class A common stock
Shareholders’ equity
Common stock	150	150
Class B common stock
Shareholders’ equity
Common stock	$ 0	$ 0

Consolidated Statements of Fin3

Consolidated Statements of Financial Condition (Parenthetical) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
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)	15,039,347	14,982,880
Common stock, shares outstanding (shares)	15,039,347	14,982,880
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 - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues
Investment management services revenue	$ 48,838	$ 63,305	$ 155,859	$ 189,852
Expenses
Compensation and related costs	22,287	24,627	67,901	70,973
Distribution, servicing and custody expenses	6,920	8,798	21,415	26,590
Other operating costs	7,887	8,188	23,099	24,854
Total operating expenses	37,094	41,613	112,415	122,417
Operating income	11,744	21,692	43,444	67,435
Non-operating income (loss)
Interest expense	(22)	(127)	(34)	(339)
Interest and dividend income	191	141	609	457
Change in liability under tax receivable agreement	(33)	(76)	(33)	(94)
Net gains (losses) on investments	711	(80)	2,293	1,192
Total non-operating income (loss)	847	(142)	2,835	1,216
Income before provision for income taxes	12,591	21,550	46,279	68,651
Provision for income taxes	739	1,565	3,324	4,784
Net income attributable to controlling and noncontrolling interests	11,852	19,985	42,955	63,867
Less: net income attributable to noncontrolling interests	10,331	17,727	37,852	56,586
Net income attributable to Manning & Napier, Inc.	$ 1,521	$ 2,258	$ 5,103	$ 7,281
Net income per share available to Class A common stock
Basic (in dollars per share)	$ 0.10	$ 0.15	$ 0.35	$ 0.49
Diluted (in dollars per share)	$ 0.10	$ 0.15	$ 0.35	$ 0.48
Weighted average shares of Class A common stock outstanding
Basic (in shares)	14,249,347	14,042,880	14,135,288	13,916,721
Diluted (in shares)	78,210,019	14,175,321	14,241,642	14,173,283
Cash dividends declared per share of Class A common stock	$ 0.08	$ 0.16	$ 0.24	$ 0.48

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income attributable to controlling and noncontrolling interests	$ 11,852	$ 19,985	$ 42,955	$ 63,867
Net unrealized holding gain (loss) on investment securities, net of tax	(2)	1	(17)	7
Comprehensive income	11,850	19,986	42,938	63,874
Less: Comprehensive income attributable to noncontrolling interests	10,329	17,728	37,835	56,593
Comprehensive income attributable to Manning & Napier, Inc.	$ 1,521	$ 2,258	$ 5,103	$ 7,281

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - 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 Interests
Beginning balance at Dec. 31, 2015	$ 134,780	$ 148	$ 0	$ 205,760	$ (37,149)	$ (3)	$ (33,976)
Beginning balance, Shares at Dec. 31, 2015		14,755,130	1,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to controlling and noncontrolling interests	63,867				7,281		56,586
Distributions to noncontrolling interests	(34,153)						(34,153)
Net changes in unrealized investment securities gains or losses	7					7
Common stock issued under equity compensation plan (in shares)		277,750
Common stock issued under equity compensation plan	0	$ 2		(2)
Shares withheld to satisfy tax withholding requirements related to restricted stock units granted	(953)			(162)			(791)
Equity-based compensation	2,535			433			2,102
Dividends declared on Class A common stock - $0.48 and $0.24 per share for nine months ended September 30, 2016 and 2017	(7,159)				(7,159)
Impact of changes in ownership of Manning & Napier Group, LLC	(16,135)			(2,144)			(13,991)
Ending balance at Sep. 30, 2016	142,789	$ 150	$ 0	203,885	(37,027)	4	(24,223)
Ending balance, Shares at Sep. 30, 2016		15,032,880	1,000
Beginning balance at Dec. 31, 2016	134,478	$ 150	$ 0	200,158	(37,383)	(13)	(28,434)
Beginning balance, Shares at Dec. 31, 2016		14,982,880	1,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income attributable to controlling and noncontrolling interests	42,955				5,103		37,852
Distributions to noncontrolling interests	(24,490)						(24,490)
Net changes in unrealized investment securities gains or losses	(17)					(17)
Common stock issued under equity compensation plan (in shares)		56,467
Common stock issued under equity compensation plan	0
Shares withheld to satisfy tax withholding requirements related to restricted stock units granted	(272)			(48)			(224)
Equity-based compensation	1,716			304			1,412
Dividends declared on Class A common stock - $0.48 and $0.24 per share for nine months ended September 30, 2016 and 2017	(3,426)				(3,426)
Impact of changes in ownership of Manning & Napier Group, LLC	(9,803)			(1,878)			(7,925)
Ending balance at Sep. 30, 2017	$ 141,141	$ 150	$ 0	$ 198,536	$ (35,706)	$ (30)	$ (21,809)
Ending balance, Shares at Sep. 30, 2017		15,039,347	1,000

Consolidated Statements of Sha7

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Cash dividends declared per share of Class A common stock	$ 0.08	$ 0.16	$ 0.24	$ 0.48
Class A common stock
Cash dividends declared per share of Class A common stock			$ 0.24	$ 0.48

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net income attributable to controlling and noncontrolling interests	$ 42,955	$ 63,867
Adjustment to reconcile net income to net cash provided by operating activities:
Equity-based compensation	1,716	2,535
Depreciation and amortization	1,328	1,952
Change in amounts payable under tax receivable agreement	33	94
Change in contingent consideration liability	0	(500)
Net (gains) losses on investment securities	(2,293)	(1,192)
Deferred income taxes	2,342	2,212
Amortization of debt issuance costs	0	117
(Increase) decrease in operating assets and increase (decrease) in operating liabilities:
Accounts receivable	4,073	2,011
Accounts receivable—affiliated mutual funds	(548)	(1,862)
Due from broker - consolidated funds	0	3,795
Prepaid expenses and other assets	1,907	1,238
Accounts payable	(138)	(349)
Accrued expenses and other liabilities	(10,599)	(12,196)
Deferred revenue	116	(68)
Other long-term liabilities	(671)	(8)
Net cash provided by operating activities	41,317	65,370
Cash flows from investing activities:
Purchase of property and equipment	(1,057)	(240)
Sale of investments	12,871	9,033
Purchase of investments	(38,510)	(4,229)
Due from broker	0	4,022
Proceeds from maturity of investments	27,063	0
Acquisitions, net of cash received	320	(9,321)
Net cash provided by (used in) investing activities	687	(735)
Cash flows from financing activities:
Distributions to noncontrolling interests	(24,490)	(34,153)
Dividends paid on Class A common stock	(4,802)	(7,123)
Payment of shares withheld to satisfy withholding requirements	(272)	(953)
Payment of capital lease obligations	(134)	(154)
Purchase of Class A units of Manning & Napier Group, LLC	(9,803)	(16,135)
Net cash used in financing activities	(39,501)	(58,518)
Net increase (decrease) in cash and cash equivalents	2,503	6,117
Cash and cash equivalents:
Beginning of period	100,819	117,591
End of period	$ 103,322	$ 123,708

Organization and Nature of the

Organization and Nature of the Business	9 Months Ended
	Sep. 30, 2017
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 U.S. and non-U.S. equity, fixed income and a range of blended asset portfolios, such as life cycle funds and actively-managed exchange-traded fund ("ETF")-based portfolios. 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, 2017 . (1) The consolidated 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., Exeter Trust Company and Rainier Investment Management, LLC. (2) On November 17, 2017, all outstanding shares of the Company's Class B common stock will be automatically, without any further action on the Company's part or the holder of the shares of the Company's Class B common stock, canceled and will revert to the status of authorized but unissued shares of Class B common stock.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2017
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, 2016 . 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, 2016 . 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 The Company consolidates all majority-owned subsidiaries. In addition, as of September 30, 2017 , Manning & Napier holds an economic interest of approximately 17.8% 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 Update ("ASU") 2015-02, Consolidation (Topic 810) – Amendments to the Consolidation Analysis , the determination of whether a company is required to consolidate an entity is based on, among other things, an entity’s purpose and design, a company’s ability to direct the activities of the entity that most significantly impact the entity’s economic performance, and whether a company is obligated to absorb losses or receive benefits that could potentially be significant to the entity. The standard also requires ongoing assessments of whether a company is the primary beneficiary of a variable interest entity (“VIE”). When utilizing the voting interest entity ("VOE") model, controlling financial interest is generally defined as majority ownership of voting interests. The Company provides seed capital to its investment teams to develop new products and services for its clients. The original seed investment may be held in a separately managed account, comprised solely of the Company's investments or within a mutual fund, where the Company's investments may represent all or only a portion of the total equity investment in the mutual fund. Pursuant to U.S. GAAP, the Company evaluates its investments in mutual funds on a regular basis and consolidates such mutual funds for which it holds a controlling financial interest. When no longer deemed to hold a controlling financial interest, the Company would deconsolidate the fund and classify the remaining investment as either an equity method investment or as trading securities, as applicable. The Company serves as the investment adviser for Manning & Napier Fund, Inc. series of mutual funds (the “Fund”), Exeter Trust Company Collective Investment Trusts (“CIT”), Rainier Investment Management Mutual Funds and Rainier Multiple Investment Trust. The Fund, CIT, Rainier Investment Management Mutual Funds and Rainier Multiple Investment Trust are legal entities, the business and affairs of which are managed by their respective boards of directors. As a result, each of these entities is a VOE. The Company holds, in limited cases, direct investments in a mutual fund (which are made on the same terms as are available to other investors) and consolidates each of these entities where it has a controlling financial interest or a majority voting interest. The Company's investments in the Fund amounted to approximately $1.5 million as of September 30, 2017 and $1.3 million as of December 31, 2016 . As of December 31, 2016 , the Company maintained a controlling financial interest in one mutual fund, Manning & Napier Fund, Inc. Quality Equity Series, and consolidated the mutual fund. As of September 30, 2017 , the Company did not maintain a controlling financial interest, but did retain significant influence in the mutual fund, which was accounted for as an equity method investment. Cash and Cash Equivalents The Company generally considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents are primarily held in operating accounts at major financial institutions and also in money market securities. Cash equivalents are stated at cost, which approximates market value due to the short-term maturity of these investments. The fair value of cash equivalents have been classified as Level 1 in accordance with the fair value hierarchy. Investment Securities Investment securities are classified as either trading, equity method investments or available-for-sale and are carried at fair value. Fair value is determined based on quoted market prices in active markets for identical or similar instruments. Investment securities classified as trading consist of equity securities, fixed income securities, and investments in mutual 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, 2017 , trading securities consist solely of investments held by the Company to provide initial cash seeding for product development purposes. Investments classified as equity method investments represent seed investments in which the Company owns between 20-50% of the outstanding voting interests in the affiliated fund or when it is determined that the Company is able to exercise significant influence but not control over the investments. If the seed investment results in significant influence, but not control, the investment will be accounted for as an equity method investment. When using the equity method, the Company recognizes its share of the investee's net income or loss for the period which is recorded in net gains (losses) on investments in the consolidated statements of operations. Investment securities classified as available-for-sale consist of U.S. Treasury notes and other short-term investments. Unrealized gains and losses on available-for-sale securities are excluded from earnings and are reported, net of deferred income tax, as a separate component of accumulated other comprehensive income in stockholders’ equity until realized. The Company periodically reviews each individual security position that has an unrealized loss, or impairment, to determine if that impairment is other-than-temporary. If impairment is determined to be other-than-temporary, the carrying value of the security will be written down to fair value and the loss will be recognized in earnings. Realized gains and losses on sales of available-for-sale securities are computed on a specific identification basis and are recorded in net gains (losses) on investments in the consolidated statements of operations. Property and Equipment Property and equipment is presented net of accumulated depreciation of approximately $11.3 million and $11.6 million as of September 30, 2017 and December 31, 2016 , respectively. Goodwill and Intangible Assets Goodwill represents the excess cost over the fair value of the identifiable net assets of acquired companies. Identifiable intangible assets generally represent the cost of client relationships and investment management agreements acquired as well as trademarks. Goodwill and indefinite-lived assets are tested for impairment annually or more frequently if events or circumstances indicate that the carrying value may not be recoverable. Intangible assets subject to amortization are tested for impairment whenever events or circumstances indicate that the carrying value may not be recoverable. Goodwill and intangible assets require significant management estimate and judgment, including the valuation and expected life determination in connection with the initial purchase price allocation and the ongoing evaluation for impairment. On May 10, 2017, the Company entered into an agreement to sell certain U.S. mutual funds to a third party. The transaction is expected to close during the fourth quarter of 2017, with the selling price based on the total assets under management on the transaction closing date. As of September 30, 2017, the assets under management for these products was approximately $0.4 billion . The carrying value of the intangible assets for client relationships associated with these products was $0 as of September 30, 2017. Operating Segments The Company operates in one segment, the investment management industry. 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. Investment management fees are presented net of cash rebates and fees waived pursuant to contractual expense limitations of the funds. The Company is contractually obligated to make payments to certain advisory clients with the intent of providing those clients a discounted fee. In accordance with ASC 605-50 , Revenue Recognition - Customer Payments and Incentives , these payments are presented as a reduction to revenue. There were no incentives reported as a reduction to revenue for the three months ended September 30, 2017 , while incentives were $3.4 million for the nine months ended September 30, 2017 . Incentives reported as a reduction of revenue were $3.3 million and $8.9 million for the three and nine months ended September 30, 2016 , respectively. 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 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 affiliated mutual funds and collective investment trusts. Fees earned for advisory related services were approximately $19.4 million and $64.6 million for the three and nine months ended September 30, 2017 , respectively, and $28.8 million and $86.7 million for the three and nine months ended September 30, 2016 , respectively, which represents greater than 10% of the Company's revenue in each period. Recent Accounting Pronouncements 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 revenue standard contains principals that will be applied to determine the measurement of revenue and timing of recognition and also impacts the accounting for incremental costs to obtain a contract. We will adopt the new standard on its effective date of January 1, 2018. While we have not identified material changes in the timing of revenue recognition, we continue to evaluate the presentation of certain revenue related costs on a gross versus net basis. We anticipate that certain first year costs associated with new investment management contracts will be capitalized and amortized over an estimated customer contract period. We have not yet determined whether we will adopt the standard using the retrospective approach with adjustment to each prior period or modified retrospective approach with the cumulative effect of initial application recognized at the date of initial application. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, which requires all equity investments to be measured at fair value with changes in the fair value recognized through net income. ASU 2016-01 will be effective on January 1, 2018 and will result in a cumulative-effect adjustment to the balance sheet upon adoption. The Company is currently evaluating the impact that ASU 2016-01 will have on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which is intended to increase transparency and comparability among organizations by recognizing all lease transactions (with terms in excess of 12 months) on the balance sheet as a lease liability and a right-of-use asset (as defined). The new guidance will be effective for fiscal years beginning after December 15, 2018, with earlier application permitted. Upon adoption, the lessee will apply the new standard retrospectively to all periods presented or retrospectively using a cumulative effect adjustment in the year of adoption. The Company is currently evaluating the impact that ASU 2016-02 will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Stock Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting , which is intended to simplify several aspects of the accounting for share-based payment award transactions. The guidance is effective for fiscal years beginning after December 15, 2016. The Company's adoption of these amendments on January 1, 2017 did not have a material impact on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments , to clarify guidance on the classification of certain cash receipts and cash payments in the statement of cash flows. The FASB issued the ASU with the intent of reducing diversity in practice regarding eight types of cash flows. The ASU is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods. The Company is evaluating the effect of adopting this new accounting standard. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment , which simplifies the accounting for goodwill impairments by eliminating step two from the goodwill impairment test. The ASU requires goodwill impairments to be measured on the basis of the fair value of the reporting unit relative to the reporting unit's carrying amount rather than on the basis of the implied amount of goodwill relative to the goodwill balance of the reporting unit. The ASU is effective for annual and interim impairment tests for periods beginning after December 15, 2019. Early adoption is allowed for annual and interim impairment tests occurring after January 1, 2017. The Company is evaluating the effect of adopting this new accounting standard.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
Acquisitions	Acquisitions On April 30, 2016 , the Company acquired a majority ownership interest in Rainier Investment Management, LLC ("Rainier”), an active investment management firm. Under the terms of the transaction, the Company initially acquired a 75% ownership interest in Rainier, with the remaining 25% ownership maintained by key professionals at Rainier. As of September 30, 2017 , the Company's ownership interest in Rainier was 86% , an increase from the acquisition due to the forfeiture of unvested ownership interests by certain individuals retiring from Rainier subsequent to the acquisition. Consideration transferred included an upfront cash payment on the transaction closing date of $13.0 million , a portion of which was held in escrow. During the second quarter of 2017, the Company received approximately $0.3 million from amounts held in escrow for post closing adjustments. Additional cash payments of up to $32.5 million over a four year period are contingent upon Rainier’s achievement of certain annual financial targets. The fair value of the liability for this contingent consideration recognized on the acquisition date was $3.5 million . As of September 30, 2017 and December 31, 2016, the fair value of this contingent liability was $0 . The transaction was accounted for by the Company using the acquisition method under ASC 805, Business Combinations . During the second quarter of 2016, the Company completed a preliminary allocation of the April 30, 2016 purchase price to the assets acquired and liabilities assumed. During the first quarter of 2017, certain adjustments were recorded to liabilities assumed and the purchase price allocation was finalized as of March 31, 2017. The final purchase price was allocated as follows (in thousands): Assets acquired Current assets $ 6,998 Property and equipment, net 783 Intangible assets Client relationships 9,320 Trademarks 270 Goodwill 3,958 Total assets acquired 21,329 Liabilities assumed Accounts payable and accrued expenses 4,023 Other liabilities 1,204 Total liabilities assumed 5,227 Purchase price $ 16,102

Noncontrolling Interests

Noncontrolling Interests	9 Months Ended
	Sep. 30, 2017
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Manning & Napier holds an economic interest of approximately 17.8% 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 82.2% 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 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, 2017 2016 2017 2016 (in thousands) Income before provision for income taxes $ 12,591 $ 21,550 $ 46,279 $ 68,651 Less: gain (loss) before provision for income taxes of Manning & Napier, Inc. (1) (51 ) (95 ) (45 ) (114 ) Income before provision for income taxes, as adjusted 12,642 21,645 46,324 68,765 Controlling interest percentage (2) 17.8 % 17.4 % 17.7 % 17.1 % Net income attributable to controlling interest 2,261 3,765 8,189 11,753 Plus: gain (loss) before provision for income taxes of Manning & Napier, Inc. (1) (51 ) (95 ) (45 ) (114 ) Income before income taxes attributable to Manning & Napier, Inc. 2,210 3,670 8,144 11,639 Less: provision for income taxes of Manning & Napier, Inc. (3) 689 1,412 3,041 4,358 Net income attributable to Manning & Napier, Inc. $ 1,521 $ 2,258 $ 5,103 $ 7,281 ________________________ (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 $0.7 million and $3.3 million for the three and nine months ended September 30, 2017 , respectively, and $1.6 million and $4.8 million for the three and nine months ended September 30, 2016 , respectively. As of September 30, 2017 , a total of 63,931,065 units of Manning & Napier Group were held by the noncontrolling interests. Pursuant to the terms of the exchange agreement entered into at the time of the Company's initial public offering, such units may be exchangeable for shares of the Company's Class A common stock. For any units exchanged, the Company will (i) pay an amount of cash equal to the number of units exchanged multiplied by the value of one share of the Company's Class A common stock less a market discount and expected expenses, or, at the Company's election, (ii) issue shares of the Company's Class A common stock on a one-for-one basis, subject to customary adjustments. As the Company receives units of Manning & Napier Group that are exchanged, the Company's ownership of Manning & Napier Group will increase. During the nine months ended September 30, 2017 , M&N Group Holdings and MNCC exchanged a total of 1,853,506 Class A units of Manning & Napier Group for approximately $9.8 million in cash. Subsequent to the exchange the Class A units were retired, resulting in an increase in Manning & Napier's ownership in Manning & Napier Group. In addition, during the nine months ended September 30, 2017 , Class A common stock was issued under the Company's 2011 Equity Compensation Plan (the "Equity Plan") for which Manning & Napier, Inc. acquired an equivalent number of Class A units of Manning & Napier Group, net of forfeitures of unvested restricted stock awards. The following is the impact to the Company's equity ownership interest in Manning & Napier Group for the nine months ended September 30, 2017 : Manning & Napier Group Class A Units Held Manning & Napier Total Manning & Napier Ownership % As of December 31, 2016 13,826,575 65,784,571 79,611,146 17.4% Class A Units issued (1) 46,467 — 46,467 —% Class A Units exchanged — (1,853,506 ) (1,853,506 ) 0.4% As of September 30, 2017 13,873,042 63,931,065 77,804,107 17.8% ______________________ (1) The impact of the transaction of Manning & Napier's ownership was less than 0.1% . Since the Company continues to have a controlling interest in Manning & Napier Group, the aforementioned changes in ownership of Manning & Napier Group were accounted for as equity transactions under ASC 810, Consolidation . Additional paid-in capital and noncontrolling interests in the Consolidated Statements of Financial Position are adjusted to reallocate the Company's historical equity to reflect the change in ownership of Manning & Napier Group. At September 30, 2017 and December 31, 2016 , the Company had recorded a liability of $34.7 million and $37.1 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 other holders of Class A Units of Manning & Napier Group. Of these amounts, $2.5 million and $2.4 million were included in accrued expenses and other liabilities at September 30, 2017 and December 31, 2016 , respectively. The Company made payments of $2.4 million and $3.4 million pursuant to the TRA during the nine months ended September 30, 2017 and 2016 , 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, 2017
Investments [Abstract]
Investment Securities	Investment Securities The following represents the Company’s investment securities holdings as of September 30, 2017 and December 31, 2016 : September 30, 2017 Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Available-for-sale securities U.S. Treasury notes $ 7,117 $ 3 $ (13 ) $ 7,107 Short-term investments 22,255 — — 22,255 29,362 Trading securities Equity securities 2,493 Fixed income securities 5,009 Mutual funds 346 7,848 Equity method investments Mutual funds 1,112 Total investment securities $ 38,322 December 31, 2016 Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Available-for-sale securities U.S. Treasury notes $ 7,093 $ 13 $ (6 ) $ 7,100 Short-term investments 14,744 — — 14,744 21,844 Trading securities Equity securities 7,176 Fixed income securities 7,167 Mutual funds 288 Mutual funds - consolidated funds 995 15,626 Total investment securities $ 37,470 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 for which the Company provides advisory services. At September 30, 2017 and December 31, 2016 , trading securities consist solely of investments held by the Company to provide initial cash seeding for product development purposes. The Company recognized approximately $ 1.5 million and $ 1.6 million of net unrealized gains related to investments classified as trading during the nine months ended September 30, 2017 and 2016 , respectively. Investment securities classified as available-for-sale consist of U.S. Treasury notes and other short-term investments for compliance with certain regulatory requirements and to optimize cash management opportunities. As of September 30, 2017 and December 31, 2016 , $0.6 million of these securities was 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, 2017 and 2016 .

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2017
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 measured at fair value on a recurring basis as of September 30, 2017 and December 31, 2016 : September 30, 2017 Level 1 Level 2 Level 3 Totals (in thousands) Equity securities $ 2,493 $ — $ — $ 2,493 Fixed income securities — 5,009 — 5,009 Mutual funds 1,458 — — 1,458 U.S. Treasury notes — 7,107 — 7,107 Short-term investments 22,255 — — 22,255 Total assets at fair value $ 26,206 $ 12,116 $ — $ 38,322 Contingent consideration liability $ — $ — $ — $ — Total liabilities at fair value $ — $ — $ — $ — December 31, 2016 Level 1 Level 2 Level 3 Totals (in thousands) Equity securities $ 7,176 $ — $ — $ 7,176 Fixed income securities 1,071 6,096 — 7,167 Mutual funds 288 — — 288 Mutual funds - consolidated funds 995 — — 995 U.S. Treasury notes — 7,100 — 7,100 Short-term investments 14,744 — — 14,744 Total assets at fair value $ 24,274 $ 13,196 $ — $ 37,470 Contingent consideration liability $ — $ — $ — $ — Total liabilities at fair value $ — $ — $ — $ — Short-term investments consists of certificate of deposits ("CDs") that are stated at cost, which approximate fair value due to the short maturity of the investments. 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. Contingent consideration was a component of the purchase price of Rainier (Note 3). The contingent consideration is payable over a four year period upon Rainier’s achievement of certain financial targets. The fair value of the contingent consideration is calculated on a quarterly basis by forecasting Rainier’s adjusted earnings before interest, taxes and amortization ("EBITA") as defined by the purchase agreement over the contingency period with changes in the fair value included in other operating costs in the consolidated statements of operations. There were no changes in contingent consideration liability measured at fair value using significant unobservable inputs (Level 3) for the nine months ended September 30, 2017 . The fair value was $0 at September 30, 2017 and December 31, 2016 . 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 Levels during the nine months ended September 30, 2017 .

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	9 Months Ended
	Sep. 30, 2017
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, 2017 and December 31, 2016 consisted of the following: September 30, 2017 December 31, 2016 (in thousands) Accrued bonus and sales commissions $ 11,471 $ 18,342 Accrued payroll and benefits 3,705 3,430 Accrued sub-transfer agent fees 3,000 4,785 Dividends payable 1,203 2,397 Amounts payable under tax receivable agreement 2,475 2,364 Other accruals and liabilities 3,755 3,797 Total accrued expenses and other liabilities $ 25,609 $ 35,115

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
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, 2017 and December 31, 2016 , 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, 2017
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 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, 2017 and 2016 under the two-class method: Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands, except share data) Net income attributable to controlling and noncontrolling interests $ 11,852 $ 19,985 $ 42,955 $ 63,867 Less: net income attributable to noncontrolling interests 10,331 17,727 37,852 56,586 Net income attributable to Manning & Napier, Inc. $ 1,521 $ 2,258 $ 5,103 $ 7,281 Less: allocation to participating securities 83 158 288 480 Net income available to Class A common stock $ 1,438 $ 2,100 $ 4,815 $ 6,801 Weighted average shares of Class A common stock outstanding - basic 14,249,347 14,042,880 14,135,288 13,916,721 Dilutive effect of unvested equity awards 23,388 132,441 106,354 256,562 Dilutive effect of exchangeable Class A Units 63,937,284 — — — Weighted average shares of Class A common stock outstanding - diluted 78,210,019 14,175,321 14,241,642 14,173,283 Net income available to Class A common stock per share - basic $ 0.10 $ 0.15 $ 0.35 $ 0.49 Net income available to Class A common stock per share - diluted $ 0.10 $ 0.15 $ 0.35 $ 0.48 The Company’s Class B common stock represents voting interests and does 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. For both the three and nine months ended September 30, 2017 , 790,000 unvested equity awards were excluded from the calculation of diluted earnings per common share because the effect would have been anti-dilutive. For both the three and nine months ended September 30, 2016 , 990,000 unvested equity awards were excluded from the calculation of diluted earnings per common share because the effect would have been anti-dilutive. At September 30, 2017 there were 63,931,065 Class A Units of Manning & Napier Group outstanding, which, subject to certain restrictions, may be exchangeable for up to an equivalent number of the Company's Class A common stock. These units were not included in the calculation of diluted earnings per common share for the nine months ended September 30, 2017 , because the effect would have been anti-dilutive. At September 30, 2016 there were 65,784,571 Class A Units of Manning & Napier Group outstanding, which were not included in the calculation of diluted earnings per common share for the three and nine months ended September 30, 2016 , because the effect would have been anti-dilutive.

Equity Based Compensation

Equity Based Compensation	9 Months Ended
	Sep. 30, 2017
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 stockholders prior to the consummation of the Company's 2011 initial public offering. Under the Equity Plan, a total of 13,142,813 equity interests are authorized for issuance, and may be issued in the form of 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. The following table summarizes the award activity for the nine months ended September 30, 2017 under the Equity Plan: Restricted Stock Awards Weighted Average Grant Date Fair Value Stock awards outstanding at January 1, 2017 1,207,788 $ 12.56 Granted 70,399 $ 5.55 Vested (276,064 ) $ 12.41 Forfeited (150,000 ) $ 12.20 Stock awards outstanding at September 30, 2017 852,123 $ 12.09 For the three and nine months ended September 30, 2017 , the Company recorded approximately $0.3 million and $1.7 million , respectively, of compensation expense related to awards under the Equity Plan. For the three and nine months ended September 30, 2016 , the Company recorded approximately $0.4 million and $2.5 million , respectively, of compensation expense related to awards under the Equity Plan. As of September 30, 2017 , there was unrecognized compensation expense related to Equity Plan awards of approximately $5.8 million , which the Company expects to recognize over a weighted average period of approximately 3.5 years . During the nine months ended September 30, 2017 and 2016 , the Company withheld a total of 69,597 and 111,729 restricted shares, respectively, as a result of net share settlements to satisfy employee tax withholding obligations. The Company paid approximately $0.3 million and $1.0 million in employee tax withholding obligations related to these settlements during the nine months ended September 30, 2017 and 2016 , respectively. These net share settlements had the effect of shares repurchased and retired by the Company, as they reduced the number of shares outstanding.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2017
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, 2017 2016 2017 2016 (in thousands) Earnings from continuing operations before income taxes $ 12,591 $ 21,550 $ 46,279 $ 68,651 Effective tax rate 5.9 % 7.3 % 7.2 % 7.0 % Provision for income taxes 739 1,565 3,324 4,784 Provision for income taxes statutory rate 4,281 7,543 15,735 24,028 Difference between tax at effective vs. statutory rate $ (3,542 ) $ (5,978 ) $ (12,411 ) $ (19,244 ) For the three and nine months ended September 30, 2017 and 2016 , the difference between the Company’s recorded provision and the provision that would result from applying the U.S. statutory rate of 34% and 35% , respectively, 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.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2017
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 the value of the fees waived was approximately $0.1 million for the nine months ended September 30, 2017 . The aggregate value of the fees earned was approximately $0.1 million and the value of the fees waived was less than $0.1 million for the nine months ended September 30, 2016 . Affiliated fund transactions The Company earns investment advisory fees and administrative service fees under agreements with affiliated mutual funds and collective investment trusts. The aggregate value of revenue earned was approximately $19.4 million and $64.6 million for the three and nine months ended September 30, 2017 , respectively, and $28.8 million and $86.7 million for the three and nine months ended September 30, 2016 , respectively. As of September 30, 2017 and December 31, 2016 , amounts due from the affiliated mutual funds was approximately $6.2 million and $6.8 million , respectively. As of September 30, 2017 and December 31, 2016 , amounts due from affiliated collective investment trusts was approximately $2.1 million and $4.5 million , respectively. The Company incurs certain expenses on behalf of the collective investment trusts and has contractually agreed to limit its fees and reimburse expenses to limit operating expenses incurred by certain affiliated fund series. The aggregate value of fees waived and expenses reimbursed to, or incurred for, affiliated mutual funds and collective investment trusts was $4.1 million and $3.4 million for the nine months ended September 30, 2017 and 2016 , respectively.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions and dividends On October 24, 2017 , 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 will be based on earnings for the quarter ended December 31, 2017, with a maximum amount of $10.0 million . Concurrently, the Board of Directors declared an $0.08 per share dividend to the holders of Class A common stock. The dividend is payable on or about February 1, 2018 to shareholders of record as of January 15, 2018 .

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
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, 2016 . 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, 2016 . 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 The Company consolidates all majority-owned subsidiaries. In addition, as of September 30, 2017 , Manning & Napier holds an economic interest of approximately 17.8% 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 Update ("ASU") 2015-02, Consolidation (Topic 810) – Amendments to the Consolidation Analysis , the determination of whether a company is required to consolidate an entity is based on, among other things, an entity’s purpose and design, a company’s ability to direct the activities of the entity that most significantly impact the entity’s economic performance, and whether a company is obligated to absorb losses or receive benefits that could potentially be significant to the entity. The standard also requires ongoing assessments of whether a company is the primary beneficiary of a variable interest entity (“VIE”). When utilizing the voting interest entity ("VOE") model, controlling financial interest is generally defined as majority ownership of voting interests. The Company provides seed capital to its investment teams to develop new products and services for its clients. The original seed investment may be held in a separately managed account, comprised solely of the Company's investments or within a mutual fund, where the Company's investments may represent all or only a portion of the total equity investment in the mutual fund. Pursuant to U.S. GAAP, the Company evaluates its investments in mutual funds on a regular basis and consolidates such mutual funds for which it holds a controlling financial interest. When no longer deemed to hold a controlling financial interest, the Company would deconsolidate the fund and classify the remaining investment as either an equity method investment or as trading securities, as applicable. The Company serves as the investment adviser for Manning & Napier Fund, Inc. series of mutual funds (the “Fund”), Exeter Trust Company Collective Investment Trusts (“CIT”), Rainier Investment Management Mutual Funds and Rainier Multiple Investment Trust. The Fund, CIT, Rainier Investment Management Mutual Funds and Rainier Multiple Investment Trust are legal entities, the business and affairs of which are managed by their respective boards of directors. As a result, each of these entities is a VOE. The Company holds, in limited cases, direct investments in a mutual fund (which are made on the same terms as are available to other investors) and consolidates each of these entities where it has a controlling financial interest or a majority voting interest. The Company's investments in the Fund amounted to approximately $1.5 million as of September 30, 2017 and $1.3 million as of December 31, 2016 . As of December 31, 2016 , the Company maintained a controlling financial interest in one mutual fund, Manning & Napier Fund, Inc. Quality Equity Series, and consolidated the mutual fund. As of September 30, 2017 , the Company did not maintain a controlling financial interest, but did retain significant influence in the mutual fund, which was accounted for as an equity method investment.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company generally considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents are primarily held in operating accounts at major financial institutions and also in money market securities. Cash equivalents are stated at cost, which approximates market value due to the short-term maturity of these investments. The fair value of cash equivalents have been classified as Level 1 in accordance with the fair value hierarchy.
Investment Securities	Investment Securities Investment securities are classified as either trading, equity method investments or available-for-sale and are carried at fair value. Fair value is determined based on quoted market prices in active markets for identical or similar instruments. Investment securities classified as trading consist of equity securities, fixed income securities, and investments in mutual 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, 2017 , trading securities consist solely of investments held by the Company to provide initial cash seeding for product development purposes. Investments classified as equity method investments represent seed investments in which the Company owns between 20-50% of the outstanding voting interests in the affiliated fund or when it is determined that the Company is able to exercise significant influence but not control over the investments. If the seed investment results in significant influence, but not control, the investment will be accounted for as an equity method investment. When using the equity method, the Company recognizes its share of the investee's net income or loss for the period which is recorded in net gains (losses) on investments in the consolidated statements of operations. Investment securities classified as available-for-sale consist of U.S. Treasury notes and other short-term investments. Unrealized gains and losses on available-for-sale securities are excluded from earnings and are reported, net of deferred income tax, as a separate component of accumulated other comprehensive income in stockholders’ equity until realized. The Company periodically reviews each individual security position that has an unrealized loss, or impairment, to determine if that impairment is other-than-temporary. If impairment is determined to be other-than-temporary, the carrying value of the security will be written down to fair value and the loss will be recognized in earnings. Realized gains and losses on sales of available-for-sale securities are computed on a specific identification basis and are recorded in net gains (losses) on investments in the consolidated statements of operations.
Property, Plant and Equipment	Property and Equipment Property and equipment is presented net of accumulated depreciation of approximately $11.3 million and $11.6 million as of September 30, 2017 and December 31, 2016 , respectively.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill represents the excess cost over the fair value of the identifiable net assets of acquired companies. Identifiable intangible assets generally represent the cost of client relationships and investment management agreements acquired as well as trademarks. Goodwill and indefinite-lived assets are tested for impairment annually or more frequently if events or circumstances indicate that the carrying value may not be recoverable. Intangible assets subject to amortization are tested for impairment whenever events or circumstances indicate that the carrying value may not be recoverable. Goodwill and intangible assets require significant management estimate and judgment, including the valuation and expected life determination in connection with the initial purchase price allocation and the ongoing evaluation for impairment. On May 10, 2017, the Company entered into an agreement to sell certain U.S. mutual funds to a third party. The transaction is expected to close during the fourth quarter of 2017, with the selling price based on the total assets under management on the transaction closing date. As of September 30, 2017, the assets under management for these products was approximately $0.4 billion . The carrying value of the intangible assets for client relationships associated with these products was $0 as of September 30, 2017.
Operating Segments	Operating Segments The Company operates in one segment, the investment management industry.
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. Investment management fees are presented net of cash rebates and fees waived pursuant to contractual expense limitations of the funds. The Company is contractually obligated to make payments to certain advisory clients with the intent of providing those clients a discounted fee. In accordance with ASC 605-50 , Revenue Recognition - Customer Payments and Incentives , these payments are presented as a reduction to revenue. There were no incentives reported as a reduction to revenue for the three months ended September 30, 2017 , while incentives were $3.4 million for the nine months ended September 30, 2017 . Incentives reported as a reduction of revenue were $3.3 million and $8.9 million for the three and nine months ended September 30, 2016 , respectively. 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 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 affiliated mutual funds and collective investment trusts. Fees earned for advisory related services were approximately $19.4 million and $64.6 million for the three and nine months ended September 30, 2017 , respectively, and $28.8 million and $86.7 million for the three and nine months ended September 30, 2016 , respectively, which represents greater than 10% of the Company's revenue in each period.
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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 revenue standard contains principals that will be applied to determine the measurement of revenue and timing of recognition and also impacts the accounting for incremental costs to obtain a contract. We will adopt the new standard on its effective date of January 1, 2018. While we have not identified material changes in the timing of revenue recognition, we continue to evaluate the presentation of certain revenue related costs on a gross versus net basis. We anticipate that certain first year costs associated with new investment management contracts will be capitalized and amortized over an estimated customer contract period. We have not yet determined whether we will adopt the standard using the retrospective approach with adjustment to each prior period or modified retrospective approach with the cumulative effect of initial application recognized at the date of initial application. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, which requires all equity investments to be measured at fair value with changes in the fair value recognized through net income. ASU 2016-01 will be effective on January 1, 2018 and will result in a cumulative-effect adjustment to the balance sheet upon adoption. The Company is currently evaluating the impact that ASU 2016-01 will have on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which is intended to increase transparency and comparability among organizations by recognizing all lease transactions (with terms in excess of 12 months) on the balance sheet as a lease liability and a right-of-use asset (as defined). The new guidance will be effective for fiscal years beginning after December 15, 2018, with earlier application permitted. Upon adoption, the lessee will apply the new standard retrospectively to all periods presented or retrospectively using a cumulative effect adjustment in the year of adoption. The Company is currently evaluating the impact that ASU 2016-02 will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Stock Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting , which is intended to simplify several aspects of the accounting for share-based payment award transactions. The guidance is effective for fiscal years beginning after December 15, 2016. The Company's adoption of these amendments on January 1, 2017 did not have a material impact on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments , to clarify guidance on the classification of certain cash receipts and cash payments in the statement of cash flows. The FASB issued the ASU with the intent of reducing diversity in practice regarding eight types of cash flows. The ASU is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods. The Company is evaluating the effect of adopting this new accounting standard. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment , which simplifies the accounting for goodwill impairments by eliminating step two from the goodwill impairment test. The ASU requires goodwill impairments to be measured on the basis of the fair value of the reporting unit relative to the reporting unit's carrying amount rather than on the basis of the implied amount of goodwill relative to the goodwill balance of the reporting unit. The ASU is effective for annual and interim impairment tests for periods beginning after December 15, 2019. Early adoption is allowed for annual and interim impairment tests occurring after January 1, 2017. The Company is evaluating the effect of adopting this new accounting standard.

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
Schedule of allocation of purchase price to assets acquired and liabilities assumed	The final purchase price was allocated as follows (in thousands): Assets acquired Current assets $ 6,998 Property and equipment, net 783 Intangible assets Client relationships 9,320 Trademarks 270 Goodwill 3,958 Total assets acquired 21,329 Liabilities assumed Accounts payable and accrued expenses 4,023 Other liabilities 1,204 Total liabilities assumed 5,227 Purchase price $ 16,102

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	9 Months Ended
	Sep. 30, 2017
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, 2017 2016 2017 2016 (in thousands) Income before provision for income taxes $ 12,591 $ 21,550 $ 46,279 $ 68,651 Less: gain (loss) before provision for income taxes of Manning & Napier, Inc. (1) (51 ) (95 ) (45 ) (114 ) Income before provision for income taxes, as adjusted 12,642 21,645 46,324 68,765 Controlling interest percentage (2) 17.8 % 17.4 % 17.7 % 17.1 % Net income attributable to controlling interest 2,261 3,765 8,189 11,753 Plus: gain (loss) before provision for income taxes of Manning & Napier, Inc. (1) (51 ) (95 ) (45 ) (114 ) Income before income taxes attributable to Manning & Napier, Inc. 2,210 3,670 8,144 11,639 Less: provision for income taxes of Manning & Napier, Inc. (3) 689 1,412 3,041 4,358 Net income attributable to Manning & Napier, Inc. $ 1,521 $ 2,258 $ 5,103 $ 7,281 ________________________ (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 $0.7 million and $3.3 million for the three and nine months ended September 30, 2017 , respectively, and $1.6 million and $4.8 million for the three and nine months ended September 30, 2016 , respectively.
Impact to the Company's ownership interest in Manning & Napier Group	The following is the impact to the Company's equity ownership interest in Manning & Napier Group for the nine months ended September 30, 2017 : Manning & Napier Group Class A Units Held Manning & Napier Total Manning & Napier Ownership % As of December 31, 2016 13,826,575 65,784,571 79,611,146 17.4% Class A Units issued (1) 46,467 — 46,467 —% Class A Units exchanged — (1,853,506 ) (1,853,506 ) 0.4% As of September 30, 2017 13,873,042 63,931,065 77,804,107 17.8% ______________________ (1) The impact of the transaction of Manning & Napier's ownership was less than 0.1% .

Investment Securities (Tables)

Investment Securities (Tables)	9 Months Ended
	Sep. 30, 2017
Investments [Abstract]
Company's Investment Securities Holdings	The following represents the Company’s investment securities holdings as of September 30, 2017 and December 31, 2016 : September 30, 2017 Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Available-for-sale securities U.S. Treasury notes $ 7,117 $ 3 $ (13 ) $ 7,107 Short-term investments 22,255 — — 22,255 29,362 Trading securities Equity securities 2,493 Fixed income securities 5,009 Mutual funds 346 7,848 Equity method investments Mutual funds 1,112 Total investment securities $ 38,322 December 31, 2016 Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Available-for-sale securities U.S. Treasury notes $ 7,093 $ 13 $ (6 ) $ 7,100 Short-term investments 14,744 — — 14,744 21,844 Trading securities Equity securities 7,176 Fixed income securities 7,167 Mutual funds 288 Mutual funds - consolidated funds 995 15,626 Total investment securities $ 37,470

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2017
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 measured at fair value on a recurring basis as of September 30, 2017 and December 31, 2016 : September 30, 2017 Level 1 Level 2 Level 3 Totals (in thousands) Equity securities $ 2,493 $ — $ — $ 2,493 Fixed income securities — 5,009 — 5,009 Mutual funds 1,458 — — 1,458 U.S. Treasury notes — 7,107 — 7,107 Short-term investments 22,255 — — 22,255 Total assets at fair value $ 26,206 $ 12,116 $ — $ 38,322 Contingent consideration liability $ — $ — $ — $ — Total liabilities at fair value $ — $ — $ — $ — December 31, 2016 Level 1 Level 2 Level 3 Totals (in thousands) Equity securities $ 7,176 $ — $ — $ 7,176 Fixed income securities 1,071 6,096 — 7,167 Mutual funds 288 — — 288 Mutual funds - consolidated funds 995 — — 995 U.S. Treasury notes — 7,100 — 7,100 Short-term investments 14,744 — — 14,744 Total assets at fair value $ 24,274 $ 13,196 $ — $ 37,470 Contingent consideration liability $ — $ — $ — $ — Total liabilities at fair value $ — $ — $ — $ —

Accrued Expenses and Other Li27

Accrued Expenses and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2017
Accounts Payable and Accrued Liabilities [Abstract]
Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities as of September 30, 2017 and December 31, 2016 consisted of the following: September 30, 2017 December 31, 2016 (in thousands) Accrued bonus and sales commissions $ 11,471 $ 18,342 Accrued payroll and benefits 3,705 3,430 Accrued sub-transfer agent fees 3,000 4,785 Dividends payable 1,203 2,397 Amounts payable under tax receivable agreement 2,475 2,364 Other accruals and liabilities 3,755 3,797 Total accrued expenses and other liabilities $ 25,609 $ 35,115

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	9 Months Ended
	Sep. 30, 2017
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, 2017 and 2016 under the two-class method: Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 (in thousands, except share data) Net income attributable to controlling and noncontrolling interests $ 11,852 $ 19,985 $ 42,955 $ 63,867 Less: net income attributable to noncontrolling interests 10,331 17,727 37,852 56,586 Net income attributable to Manning & Napier, Inc. $ 1,521 $ 2,258 $ 5,103 $ 7,281 Less: allocation to participating securities 83 158 288 480 Net income available to Class A common stock $ 1,438 $ 2,100 $ 4,815 $ 6,801 Weighted average shares of Class A common stock outstanding - basic 14,249,347 14,042,880 14,135,288 13,916,721 Dilutive effect of unvested equity awards 23,388 132,441 106,354 256,562 Dilutive effect of exchangeable Class A Units 63,937,284 — — — Weighted average shares of Class A common stock outstanding - diluted 78,210,019 14,175,321 14,241,642 14,173,283 Net income available to Class A common stock per share - basic $ 0.10 $ 0.15 $ 0.35 $ 0.49 Net income available to Class A common stock per share - diluted $ 0.10 $ 0.15 $ 0.35 $ 0.48

Equity Based Compensation (Tabl

Equity Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2017
Share-based Compensation [Abstract]
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	The following table summarizes the award activity for the nine months ended September 30, 2017 under the Equity Plan: Restricted Stock Awards Weighted Average Grant Date Fair Value Stock awards outstanding at January 1, 2017 1,207,788 $ 12.56 Granted 70,399 $ 5.55 Vested (276,064 ) $ 12.41 Forfeited (150,000 ) $ 12.20 Stock awards outstanding at September 30, 2017 852,123 $ 12.09

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2017
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, 2017 2016 2017 2016 (in thousands) Earnings from continuing operations before income taxes $ 12,591 $ 21,550 $ 46,279 $ 68,651 Effective tax rate 5.9 % 7.3 % 7.2 % 7.0 % Provision for income taxes 739 1,565 3,324 4,784 Provision for income taxes statutory rate 4,281 7,543 15,735 24,028 Difference between tax at effective vs. statutory rate $ (3,542 ) $ (5,978 ) $ (12,411 ) $ (19,244 )

Organization and Nature of th31

Organization and Nature of the Business (Details)	9 Months Ended
	Sep. 30, 2017
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	17.80%
Majority Outside Ownership Interest in limited liability and limited partnership companies	81.20%
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	17.80%
Majority Outside Voting Rights in Limited Liability Company LLC or Limited Partnership companies	81.20%
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	17.80%
Majority Outside Economic Rights in Limited Liability Company LLC Or Limited Partnership Companies	81.20%

Summary of Significant Accoun32

Summary of Significant Accounting Policies (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)Segment	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Trading securities, at fair value	$ 7,848,000		$ 7,848,000		$ 15,626,000
Accumulated depreciation	11,300,000		$ 11,300,000		11,600,000
Number of segments | Segment			1
Incentives amount	0	$ 3,300,000	$ 3,400,000	$ 8,900,000
Fees earned for advisory related services provided to the Fund and CIT investment vehicles	19,400,000	$ 28,800,000	64,600,000	$ 86,700,000
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	$ 1,500,000		$ 1,500,000		$ 1,300,000
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)	17.80%		17.80%
Certain US Mutual Funds | Disposed of by Sale
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Disposal Group, Including Discontinued Operation, Assets	$ 400,000,000		$ 400,000,000
Certain US Mutual Funds | Disposed of by Sale | Client relationships
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Disposal Group, Including Discontinued Operation, Intangible Assets	$ 0		$ 0

Acquisitions (Textual) (Details

Acquisitions (Textual) (Details) - USD ($)	Apr. 30, 2016	Jun. 30, 2017	Sep. 30, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Contingent consideration liability			$ 0	$ 0
Rainier Investment Management, LLC
Business Acquisition [Line Items]
Percentage of interests acquired	75.00%
Noncontrolling interest ownership percentage	25.00%
Noncontrolling interest ownership percentage by Parent			86.00%
Payments to acquire business	$ 13,000,000
Contingent additional payment, term	4 years
Liability for contingent consideration recognized	$ 3,500,000		$ 0	$ 0
Amounts received from Escrow		$ 300,000
Maximum | Rainier Investment Management, LLC
Business Acquisition [Line Items]
Contingent consideration liability	$ 32,500,000

Acquisitions (Purchase Price Al

Acquisitions (Purchase Price Allocation) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Intangible assets
Goodwill	$ 4,829	$ 4,829
Rainier Investment Management, LLC
Assets acquired
Current assets	6,998
Property and equipment, net	783
Intangible assets
Goodwill	3,958
Total assets acquired	21,329
Liabilities assumed
Accounts payable and accrued expenses	4,023
Other liabilities	1,204
Total liabilities assumed	5,227
Purchase price	16,102
Client relationships | Rainier Investment Management, LLC
Intangible assets
Intangible Assets	9,320
Trademarks | Rainier Investment Management, LLC
Intangible assets
Intangible Assets	$ 270

Noncontrolling Interests (Textu

Noncontrolling Interests (Textual) (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Noncontrolling Interest [Line Items]
Purchase of Class A units of Manning & Napier Group, LLC	$ 9,803	$ 16,135
Estimated payments due to selling unit holders	34,700		$ 37,100
Payments pursuant to TRA	$ 2,400	$ 3,400
Manning & Napier Group, LLC
Noncontrolling Interest [Line Items]
Percentage of economic interest in Manning & Napier Group held by Manning & Napier, Inc (percent)	17.80%
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)	82.20%
Class A Units
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests, Shares	(1,853,506)
Class A Units | Manning & Napier Group, LLC
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Shares, Total	77,804,107		79,611,146
Percentage of economic interest in Manning & Napier Group held by Manning & Napier, Inc (percent)	17.80%		17.40%
Accrued expenses and other liabilities
Noncontrolling Interest [Line Items]
Estimated payments due to selling unit holders	$ 2,500		$ 2,400

Noncontrolling Interests (Recon

Noncontrolling Interests (Reconciliation of Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Noncontrolling Interest [Abstract]
Income before provision for income taxes	$ 12,591	$ 21,550	$ 46,279	$ 68,651
Less: gain (loss) before provision for income taxes of Manning & Napier, Inc.	(51)	(95)	(45)	(114)
Income before provision for income taxes, as adjusted	$ 12,642	$ 21,645	$ 46,324	$ 68,765
Controlling interest percentage	17.80%	17.40%	17.70%	17.10%
Net income attributable to controlling interest	$ 2,261	$ 3,765	$ 8,189	$ 11,753
Plus: gain (loss) before provision for income taxes of Manning & Napier, Inc.	(51)	(95)	(45)	(114)
Income before income taxes attributable to Manning & Napier, Inc.	2,210	3,670	8,144	11,639
Less: provision for income taxes of Manning & Napier, Inc.	689	1,412	3,041	4,358
Net income attributable to Manning & Napier, Inc.	1,521	2,258	5,103	7,281
Provision for income taxes	$ 739	$ 1,565	$ 3,324	$ 4,784

Noncontrolling Interests (Summa

Noncontrolling Interests (Summary of Equity Ownership Interest) (Details) - shares	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Manning & Napier Group, LLC
Noncontrolling Interest [Line Items]
Noncontrolling interest ownership percentage by Parent	17.80%
Class A Units
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests, Shares	(1,853,506)
Class A Units | Non Controlling Interests
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Shares, Beginning Balance	65,784,571
Noncontrolling Interest, Shares, Ending Balance	63,931,065
Class A Units | Manning & Napier Group, LLC
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Shares, Beginning Balance	79,611,146
Noncontrolling Interest, Shares, Issued	46,467
Noncontrolling Interest, Shares, Ending Balance	77,804,107
Noncontrolling interest ownership percentage by Parent	17.80%	17.40%
Noncontrolling Interest, Ownership Percentage by Parent, Exchanged	0.40%
Noncontrolling Interest, Ownership Percentage by Parent, Issued	0.10%
Class A Units | Manning & Napier Group, LLC | Non Controlling Interests
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests, Shares	(1,853,506)
Class A Units | Manning & Napier Group, LLC | Parent
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Shares, Beginning Balance	13,826,575
Noncontrolling Interest, Shares, Issued	46,467
Noncontrolling Interest, Shares, Ending Balance	13,873,042

Investment Securities (Company'

Investment Securities (Company's Investment Securities Holdings) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Investment Holdings [Line Items]
Fair Value	$ 29,362	$ 21,844
Trading securities, at fair value	7,848	15,626
Total investment securities	38,322	37,470
U.S. Treasury notes
Investment Holdings [Line Items]
Cost	7,117	7,093
Unrealized Gains	3	13
Unrealized Losses	(13)	(6)
Fair Value	7,107	7,100
Short-term investments
Investment Holdings [Line Items]
Cost	22,255	14,744
Unrealized Gains	0	0
Unrealized Losses	0	0
Fair Value	22,255	14,744
Equity securities
Investment Holdings [Line Items]
Trading securities, at fair value	2,493	7,176
Fixed income securities
Investment Holdings [Line Items]
Trading securities, at fair value	5,009	7,167
Mutual Funds
Investment Holdings [Line Items]
Trading securities, at fair value	1,458	288
Mutual funds - consolidated funds
Investment Holdings [Line Items]
Trading securities, at fair value		995
Manning & Napier Fund | Mutual Funds
Investment Holdings [Line Items]
Trading securities, at fair value	346	288
Equity Method Investments	1,112
Level 2 | U.S. Treasury notes
Investment Holdings [Line Items]
Fair Value	7,107	7,100
Level 2 | Short-term investments
Investment Holdings [Line Items]
Fair Value	0	0
Level 2 | Equity securities
Investment Holdings [Line Items]
Trading securities, at fair value	0	0
Level 2 | Fixed income securities
Investment Holdings [Line Items]
Trading securities, at fair value	5,009	6,096
Level 2 | Mutual Funds
Investment Holdings [Line Items]
Trading securities, at fair value	$ 0	0
Level 2 | Mutual funds - consolidated funds
Investment Holdings [Line Items]
Trading securities, at fair value		$ 0

Investment Securities (Textual)

Investment Securities (Textual) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Investments [Abstract]
Recognized net unrealized gains (loss) on trading securities	$ 1,500,000	$ 1,600,000
Available-for-sale Securities, Restricted	600,000		$ 600,000
Other than temporary impairment losses	$ 0	$ 0

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Apr. 30, 2016	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, at fair value		$ 7,848,000	$ 15,626,000
Available-for-sale securities, at fair value		29,362,000	21,844,000
Total assets at fair value		38,322,000	37,470,000
Contingent consideration liability		0	0
Total liabilities at fair value		0	0
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value		0	0
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, at fair value		2,493,000	7,176,000
Fixed income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, at fair value		5,009,000	7,167,000
Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, at fair value		1,458,000	288,000
Mutual funds - consolidated funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, at fair value			995,000
Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, at fair value		22,255,000	14,744,000
U.S. Treasury notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, at fair value		7,107,000	7,100,000
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value		26,206,000	24,274,000
Contingent consideration liability		0	0
Total liabilities at fair value		0	0
Level 1 | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, at fair value		2,493,000	7,176,000
Level 1 | Fixed income securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, at fair value		0	1,071,000
Level 1 | Mutual Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, at fair value		1,458,000	288,000
Level 1 | Mutual funds - consolidated funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trading securities, at fair value			995,000
Level 1 | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, at fair value		22,255,000	14,744,000
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]
Total assets at fair value		12,116,000	13,196,000
Contingent consideration liability		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		5,009,000	6,096,000
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 | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, at fair value		0	0
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		7,107,000	7,100,000
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value		0	0
Contingent consideration liability		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 | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale 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
Rainier Investment Management, LLC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent additional payment, term	4 years

Accrued Expenses and Other Li41

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Accounts Payable and Accrued Liabilities [Abstract]
Accrued bonus and sales commissions	$ 11,471	$ 18,342
Accrued payroll and benefits	3,705	3,430
Accrued sub-transfer agent fees	3,000	4,785
Dividends payable	1,203	2,397
Amounts payable under tax receivable agreement	2,475	2,364
Other accruals and liabilities	3,755	3,797
Accrued expenses and other liabilities	$ 25,609	$ 35,115

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income attributable to controlling and noncontrolling interests	$ 11,852	$ 19,985	$ 42,955	$ 63,867
Less: net income attributable to noncontrolling interests	10,331	17,727	37,852	56,586
Net income attributable to Manning & Napier, Inc.	1,521	2,258	5,103	7,281
Less: allocation to participating securities	83	158	288	480
Net income available to Class A common stock	$ 1,438	$ 2,100	$ 4,815	$ 6,801
Weighted average shares of Class A common stock outstanding - basic (in shares)	14,249,347	14,042,880	14,135,288	13,916,721
Dilutive effect from unvested equity awards (in shares)	23,388	132,441	106,354	256,562
Dilutive effect of exchangeable Class A Units (in shares)	63,937,284	0	0	0
Weighted average shares of Class A common stock outstanding - diluted (in shares)	78,210,019	14,175,321	14,241,642	14,173,283
Net income available to Class A common stock per share - basic (in dollars per share)	$ 0.10	$ 0.15	$ 0.35	$ 0.49
Net income available to Class A common stock per share - diluted (in dollars per share)	$ 0.10	$ 0.15	$ 0.35	$ 0.48
Antidilutive securities excluded from computation of earnings per share (in shares)	790,000	990,000	790,000	990,000
Class A | Class A Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of common units available for conversion	63,931,065	65,784,571	63,931,065	65,784,571

Equity Based Compensation (Rest

Equity Based Compensation (Restricted Stock Awards) (Details)	9 Months Ended
	Sep. 30, 2017$ / sharesshares
Stock Units
Stock unit awards, beginning balance (shares) | shares	1,207,788
Granted (shares) | shares	70,399
Vested (shares) | shares	(276,064)
Forfeited (shares) | shares	(150,000)
Stock unit awards, ending balance (shares) | shares	852,123
Weighted Average Grant Date Fair Value
Stock unit awards, beginning balance, weighted average grant date fair value (dollars per share) | $ / shares	$ 12.56
Granted, weighted average grant date fair value (dollars per share) | $ / shares	5.55
Vested, weighted average grant date fair value (dollars per share) | $ / shares	12.41
Forfeited, weighted average grant date fair value (dollars per share) | $ / shares	12.20
Stock unit awards, ending balance, weighted average grant date fair value (dollars per share) | $ / shares	$ 12.09

Equity Based Compensation (Text

Equity Based Compensation (Textual) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares paid for tax withholding			69,597	111,729
Payment of shares withheld to satisfy withholding requirements			$ 272	$ 953
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	$ 300	$ 400	$ 1,700	$ 2,500
Unrecognized compensation expense related to unvested awards	$ 5,800		$ 5,800
Weighted average period of unrecognized compensation expense (years)			3 years 6 months

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Earnings from continuing operations before income taxes	$ 12,591	$ 21,550	$ 46,279	$ 68,651
Effective Tax Rate (percent)	5.90%	7.30%	7.20%	7.00%
Provision for income taxes	$ 739	$ 1,565	$ 3,324	$ 4,784
Provision for income taxes @ statutory rate	4,281	7,543	15,735	24,028
Difference between tax at effective vs. statutory rate	$ (3,542)	$ (5,978)	$ (12,411)	$ (19,244)
Effective income tax rate, federal statutory income tax rate (percent)	34.00%	35.00%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Related party transaction, fees waived (less than)			$ 100	$ 100
Fees earned for advisory related services provided to the Fund and CIT investment vehicles	$ 19,400	$ 28,800	64,600	86,700
Accounts receivable—affiliated mutual funds	6,213		6,213		$ 6,761
Executive Officer [Member]
Related Party Transaction [Line Items]
Fees earned from related parties			200	100
Affiliated Mutual Funds and Collective Trusts [Member]
Related Party Transaction [Line Items]
Advisory Fees Waived			4,100	$ 3,400
Manning & Napier Fund, Inc., and Rainier Investment Management Mutual Funds [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Accounts receivable—affiliated mutual funds	6,200		6,200		6,800
Exeter Trust Company Collective Investment Trust [Member] | Affiliated Entity [Member]
Related Party Transaction [Line Items]
Accounts receivable—affiliated mutual funds	$ 2,100		$ 2,100		$ 4,500

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 24, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Subsequent Event [Line Items]
Per share dividend declared to the holders of Class A common stock		$ 0.08	$ 0.16	$ 0.24	$ 0.48
Class A common stock
Subsequent Event [Line Items]
Per share dividend declared to the holders of Class A common stock				$ 0.24	$ 0.48
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	$ 0.08
Maximum | Manning & Napier Group, LLC | Subsequent Event
Subsequent Event [Line Items]
Amount approved for distribution to members of Manning & Napier Group	$ 10