Waddell & Reed Closes Out 2018 With a Thud as AUM Declines 19% in the December Quarter
There was little in no-moat-rated Waddell & Reed's third-quarter results that would alter our long-term view of the firm. We are leaving our $20 fair value estimate in place. The company closed out the September quarter with $79.5 billion in assets under management, up 1.1% sequentially but down 1.7% year over year. Net outflows of $2.0 billion continued the trend of improving organic growth (which had been interrupted during the second quarter), but the firm remains a long way away from gen...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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