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Abacus Global Management (NYSE:ABX)has entered into a strategic alliance agreement with diversified wealth and asset management firm Manning & Napier, alongside closing a minority equity investment in the company, the firms announced.
Abacus joins Callodine Group and East Asset Management as institutional investors in Manning & Napier under the deal.
The partnership is structured around lead generation and referrals, product development and distribution, and joint client solutions, Abacus said in a statement.
Central to the alliance is Abacus's proprietary LifeARC platform, which applies actuarial modeling and longevity data to financial planning, which Manning & Napier intends to integrate into its wealth advisory offering.
"We built Abacus around a simple belief: that longevity data, applied well, can help people make better decisions about their financial lives," said Jay Jackson, CEO of Abacus Global Management. "This alliance with Manning & Napier puts that belief into practice at scale, with a team that has been doing this work with integrity for decades." Manning & Napier advisors will gain access to Abacus's longevity data and actuarial tools to build financial plans that factor in lifespan projections and health outlook, with a particular focus on life insurance as an underutilized planning asset.
Under the agreement, Manning & Napier will also be able to offer Abacus Asset Group investment products, including ETFs, longevity funds, and asset-based finance strategies, where appropriate to its investors.
The deal includes a bi-directional referral arrangement.
Abacus Life Solutions, which generates approximately 10,000 customer leads per month, may direct individuals not suited for its core products to Manning & Napier's wealth advisory platform, while Manning & Napier clients may similarly be referred to Abacus's Life Solutions suite..
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