At a press conference in New York yesterday, Waddell & Reed chief executive Hank Herrmann responded to rumors that his company could be an acquisition target by a private equity firm or a strategic buyer. According to Reuters
, Herrmann told reporters that a strategic buyer may be considered to bulk up the company's scale, if the price is right. Noting the unpredictability of the investment management business, Herrmann was skeptical of the prospect of selling to a private equity firm, saying: "For that reason I'm not comfortable with a lot of leverage in a company like ours."
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