Waddell & Reed Financial Inc.
on Tuesday said its first quarter profit rose 8 percent as the firm's financial advisors turned in their strongest quarterly gross and net sales results since 2001.
The Overland Park, Kansas-based investment management firm said net income for the quarter increased to $24.6 million from $22.8 million last year. Revenue climbed 15 percent to $173.1 million from $150.7 million a year ago.
Waddell & Reed also said its wholesale channel posted gross sales of of $1.15 billion during the first three months of the year, up from $668 million in the final quarter of 2005 and $611 million in the first three months of 2005.
"Our results this quarter reflected good momentum," said Hank Hermann
, chief executive of Waddell & Reed, in a statement. "We anticipate further progress for the remainder of the year, presuming of course that the financial markets cooperate and remain on an upward path."
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