Outflows Continue to Diminish Market Gains at Waddell & Reed; No Change to $22 per Share FVE
There was little in narrow-moat Waddell & Reed's fourth-quarter results that would alter our long-term view of the firm. We are leaving our $22 per share fair value estimate in place. Waddell & Reed closed out the December quarter with $81.1 billion in AUM, up 0.2% sequentially and 0.7% on a year-over-year basis. Net outflows of $2.7 billion were on par with what we saw during the third quarter and remain a concern for the business going forward.Ivy Asset Strategy remains in net outflo...
Waddell & Reed Financial is a holding company. Through its subsidiaries, the company provides investment management and advisory services, investment product underwriting and distribution, and shareholder services administration to the Ivy Funds,Ivy Variable Insurance Portfolios, InvestEd Portfolios, Ivy High Income Opportunities Fund, and institutional accounts. The company also provides wealth management services, primarily to retail clients through Waddell & Reed, Inc. (W&R), and independent financial advisors associated with W&R, who provide financial planning and advice to their clients.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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