Waddell & Reed sees 16.7% profit boost

Mutual fund company Waddell & Reed Financial Inc. today reported that its first-quarter net income rose 16.7% and that assets under management reached $50 billion for the first time.
APR 25, 2007
Mutual fund company Waddell & Reed Financial Inc. today reported that its first-quarter net income rose 16.7% and that assets under management reached $50 billion for the first time. The Overland Park, Kan.-based broker-dealer and investment company’s net income grew to $28.7 million, or 35 cents a share, from $24.6 million, or 30 cents a share, a year earlier. Operating revenues of $189 million increased 2% sequential quarterly and 9% compared to last year's first quarter. Net sales through the advisory channel were disappointing, however, the company said, with outflows of $132 million. Net sales in the wholesale, channel, however, were strong at $704 million, implying a 26% annualized organic growth rate Waddell & Reed has $45 billion of assets under management and 2,400 affiliated financial advisers.

Latest News

How AI search aided scam from phony NFL player, fake financial advisor
How AI search aided scam from phony NFL player, fake financial advisor

Daejon Love and Taylor Chan's $1.3 million romance fraud scheme exposes how AI search engines can be manipulated by fabricated online identities

Schwab ordered to pay clients $1.34 million in crypto dispute involving elderly client
Schwab ordered to pay clients $1.34 million in crypto dispute involving elderly client

“It was a third party scam,” said the attorney representing the claimants.

RIA moves: Mercer adds to Atlanta presence with veteran advisor from Northern Trust
RIA moves: Mercer adds to Atlanta presence with veteran advisor from Northern Trust

Meanwhile, &Partners draws another Commonwealth practice, and Wealthcare welcomes a $550 million planning practice in the Northeast.

CogniCor adds wealthtech veterans to board in renewed RIA push
CogniCor adds wealthtech veterans to board in renewed RIA push

Palo Alto AI platform recruits RIA and fintech leaders as industry data show AI adoption reshaping advisor staffing.

Advisor moves: Merrill draws $1.2 billion UBS team in New Mexico
Advisor moves: Merrill draws $1.2 billion UBS team in New Mexico

Meanwhile, Raymond James, Wedbush, and LPL recruited veteran advisors from across Texas, North Carolina, and California.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income