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Wednesday, October 27, 2010

Waddell Feels 'Little Effect' From Flash Crash Flak

News summary by MFWire's editors

Fundsters interested in the fallout from May's flash crash may want to take a look at the Wall Street Journal. Yesterday Ivy Funds' parent, Waddell & Reed [see profile], revealed its third quarter earnings (see The MFWire, 10/26/2010), and today the WSJ's Jenny Strasburg reports on Waddell's earnings call (see the call's transcript here).

On the call, executive vice president Thomas Butch said that "there's little effect that has been seen" from the attention drawn to Waddell thanks to the widespread rumor (seemingly supported by the SEC and CFTC's joint report on the subject, which points to an unnamed mutual fund firm) that some trades by Waddell helped trigger the flash crash. 

Edited by: Neil Anderson, Managing Editor

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