Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Waddell & Reed Sees Earnings Drop 34 Percent Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, July 28, 2009

Waddell & Reed Sees Earnings Drop 34 Percent

Reported by John Alzate

Waddell & Reed Financial, Inc. ended the second quarter with net income of $23.4 million, or 27 cents per share, down from $35.2 million, or 40 cents per share, in the year-ago period.

The latest figure included a charge to general and administrative costs of $548,000 for severance and other costs related to the recent sale of subsidiary Austin, Calvert & Flavin, Inc. Excluding the charges for the sales of ACF and other-than-temporary impairments, total net income would have been marginally increased to $23.7 million, or 28 cents per share.

The firm recorded gross sales in the advisor channel of $783 million and net flows of $140 million, both of which were lower than the year-ago numbers. The company's wholesale channel posted gross sales of $4.1 billion, which was 10 percent lower compared to the year-ago period.

The company's institutional channel saw $526 million in gross sales, which was 21 percent lower than Q2 of last year. Net inflows remained positive at $92 million.

As a result of the ACF sale, Waddell & Reed will no longer include the subsidiary's AUM in their institutional channel beginning in Q3 of 2009.

Waddell & Reed sold ACF to TTC Holdings, Inc. on July 15. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2019
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use