Manning & Napier Group LLC, managing member and holder of Manning & Napier Inc.'s class A units, entered into a redemption agreement with M&N Group Holdings LLC.

Under the agreement, Manning & Napier Group redeemed 1,805,465 class A units held by M&N for about $9.6 million.

Through a redemption agreement, Manning & Napier Group also redeemed 37,246 class A units held by Manning & Napier Capital Co. LLC for $198,148.72.

The exchanges occurred as a result of the existing exchange process set up during Manning & Napier's initial public offering, which allowed certain Manning & Napier executives and employees to annually exchange part of their interests in Manning & Napier Group for either cash or Manning & Napier's class A common shares.