Manning & Napier Rolls Out New Unit Class

A zero-revenue share class was added to Manning & Napier’s Pro-Mix Collective Investment Trust (CIT) Fund family.

The share class will help plan sponsors clarify administrative costs paid by participants and recognizes the trend of more transparent, fee-conscious investments in 401(k) plans.

The Manning & Napier Pro-Mix CIT Funds are a suite of actively managed, fully diversified collective investment trust funds that offer professional management solutions to qualified plan participants. Class U is being offered across the entire fund family, including the Conservative, Moderate, Extended, and Maximum Term CIT Funds. The Pro-Mix CIT Funds, introduced in 2000, are also offered in Class S to address the ongoing need for various plan cost structures.

The objective is improving participant results with value-added risk management, according to Patrick Cunningham, chief executive officer of Manning & Napier. “The Pro-Mix CIT Funds Class U makes it easier for fiduciaries to distinctly separate investment fees from administrative fees,” he said. “Participants today desire a high level of transparency. We believe it is our responsibility as an investment manager to help drive outcomes at both the plan sponsor and participant level.”

In the wake of the Department of Labor’s requirement in 2012 to disclose plan-level and investment-level fees, investment managers have increasingly begun developing solutions to help plan sponsors, advisers and participants better understand fiduciary duties and evaluate fee reasonableness.