Waddell & Reed

Second-quarter net income for asset manager rose 18.5% to $35.2 million from $29.7 million in the year-ago period.
JUL 29, 2008
Waddell & Reed Financial Inc. posted a second-quarter profit today, thanks to a significant increase in its assets under management. Net income for the Overland Park, Kan.-based asset manager rose 18.5% to $35.2 million, or 42 cents a share, from $29.7 million, or 36 cents a share, in the year-ago period. Waddell & Reed’s assets under management increased 30% to $70.1 billion, compared with $54 billion a year ago. The asset manager’s gross sales for its advisers' channel were $1.1 billion during the quarter, a 27% jump from a year earlier.

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