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Wednesday, February 06, 2019

What Would Waddell & Reed Buy?

Reported by Neil Anderson, Managing Editor

If Ivy's [profile] parent buys again in the asset management space, it might be in fixed income, concentrated strategies, international, multi-asset, or "uncorrelated asset classes."

Philip James Sanders
Waddell & Reed, Inc.
CEO, Chief Investment Officer
So says Phil Sanders, CEO and chief investment office of Ivy parent Waddell & Reed Financial, Inc.. Sanders shared that tidbit and more this morning on the publicly traded broker-dealer's Q4 2018 earnings call with analysts (as transcribed by Seeking Alpha). Sanders was responding to a question from Michael Cyprys, executive director of equity research covering asset managers and discount brokers for Morgan Stanley, who asked about "potential appetite for potential incremental acquisitions."

Amy Jo Scupham
Ivy Distributors, Inc.
President
Also on the call, Amy Scupham, president of Ivy Distributors, explained the asset manager's 2018 sales leadership realignment to focus more on various professional buyer and institutional channels. Waddell chief financial officer Ben Clouse, chief operating officer Brent Bloss, and retail B-D president Shawn Mihal also participated in the call.

Earlier this morning, the Waddell & Reed team reported $0.60 in Q4 2018 earnings per diluted share, beating expectations by $0.11. Yet Q4 revenue of $272.2 million missed expectations by $1.05 million. AUM fell 17 percent in the quarter and 19 percent year-over-year to $65.8 billion on December 31, 2018. 

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