Waddell & Reed to axe 158 employees at Kansas headquarters

Close-up Of Businessperson Standing With Cardboard Box Outside Office

Company is outsourcing transaction processing to SS&C Asset Manager Solutions.

Waddell & Reed Financial Inc. plans to lay off 158 employees at its Overland Park, Kan. Headquarters, according to a report in the Kansas City Business Journal.

(More: Waddell & Reed continues to shed brokers, though productivity rises)

In June, the company announced it would outsource transaction processing to SS&C Asset Manager Solutions. Last year, SS&C’s parent company acquired Kansas City-based DST Systems Inc., which had a long-term relationship with Waddell & Reed.

In a June filing with the Securities and Exchange Commission, the company said it expected to record a restructuring charge of between $4 million and $6 million in the third and fourth quarters of this year.