A publicly traded alternative asset manager in the Sunshine State with an $888-million market cap is betting on, and teaming up with, a 56-year-old fund firm from the Empire State that has been private for less than four years.

Jay J. Jackson Abacus Global Management, Inc. Chairman, CEO

Last Thursday (March 12), Jay Jackson, CEO of Abacus Global Management, Inc. (ABX), and Paul Battaglia, president and chief financial officer of Manning & Napier, Inc. [profile], revealed that Orlando, Florida-based Abacus has agreed to buy a minority stake in Fairport, New York-based Manning for about $53 million. Battaglia and Jackson also unveiled a Manning-Abacus strategic alliance agreement, under which Manning's operations would remain independent while the two firms team up on product development, distribution, and lead generation and referrals.

The deal is expected to close sometime next quarter (i.e. in the second quarter of 2026). Berkshire Global Advisors advised Manning on the deal, while Dynasty Financial Partners (which Abacus already backs) advised Abacus. On the legal side, Lewis & Bockius LLP counseled Manning, and Latham & Watkins LLP counseled Abacus.

The Abacus deal comes less than four years after James Morrow's Boston-based Callodine Group LLC took Manning private in a $293-million deal; Callodine now owns 75 percent or more of Manning (per Manning's October 2025 form ADV). The $53-million Abacus deal price tag translates into about 0.3 percent of Manning's AUM of $18 billion, though the size of the minority equity stake being sold has not been revealed, nor is it yet clear what the Abacus means for Callodine's control of Manning, as Callodine is unmentioned in the joint Abacus-Manning deal press release. (Perhaps Callodine will sell part of its Manning stake to Abacus.)

Abacus Global Management (fka Abacus Life) is a life settlement company, yet like Manning Abacus also has its own wealth management arm (Abacus Wealth Advisors) and its own fund business (Abacus FCF Advisors, under Abacus Asset Group).

Battaglia puts the Abacus deal in the context of the "strategic vision for Manning & Napier, with a continued focus on providing superior investment solutions and exceptional planning tools and technology to deliver on ... commitments to clients."

"We are excited to welcome Abacus as a minority equity partner of Manning & Napier," Battaglia states. "Abacus' strategic capital investment positions us to deliver meaningful benefits for our clients, advisor partners, and employees."

Jackson frames the Manning deal as "a defining moment in Abacus's evolution from a life solutions originator to a fully integrated, longevity-focused alternative asset management platform" and highlights Manning's "proven wealth advisory platform."

"Combined with our proprietary LifeARC data and actuarial capabilities, this partnership completes the Abacus flywheel — connecting our Life Solutions origination engine, our growing Asset Group, and now a dedicated wealth management channel," Jackson states. "As part of this investment, we are building a longevity-focused wealth ecosystem that we believe will generate significant value for our customers and shareholders." 

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