Poor Performance, Outflows, and DOL Concerns Affecting Waddell & Reed; No Change to $21 FVE
There was little in narrow-moat Waddell & Reed's third-quarter results that would alter our long-term view of the firm. We are leaving our $21 per share fair value estimate in place. Waddell & Reed closed out the September quarter with $85.1 billion in total assets under management, down 1.6% sequentially and 19.9% year over year. Outflows of $4.9 billion--comprising $3.3 billion in wholesale outflows, $0.8 billion in institutional net redemptions, and $0.7 billion in outflows from the f...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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