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Rating:Waddell Sells a Southern Unit Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, July 17, 2009

Waddell Sells a Southern Unit

Reported by Neil Anderson, Managing Editor

Waddell & Reed just sold a separate accounts manager. On Friday the Overland Park, Kansas-based Ivy Funds parent unveiled its sale of Austin, Calvert & Flavin to TTC holdings.

Officials with TTC and Waddell could not immediately be reached for comment on the pricing and terms of the sale.

Sarah Calvert Doerr, CEO of ACF, confirmed that she will continue to lead the San Antonio, Texas-based large cap core specialists as the investment arm for their new parent. TTC also owns the Trust Company and Presidio Financial (a broker-dealer).

Waddell first purchased ACF back in 1999.


Company Press Release

TTC Holdings, Inc. has entered into a definitive purchase agreement to acquire Austin, Calvert & Flavin, Inc., San Antonio’s oldest investment advisory firm, which is well-known and widely respected for its track record of managing high quality equity and fixed income assets for its clients.


Austin, Calvert & Flavin (ACF), established 28 years ago by Ed Glass, Edward Austin, Jr. andJonathan Calvert, will join two other affiliates operating under TTC Holdings’ umbrella -- The Trust Company, a banking and wealth management company, and Presidio Financial Services, Inc., an introducing broker-dealer. TTC Holdings has agreed to purchase ACF for an undisclosed price from Waddell & Reed Investment Management Company, a subsidiary of Waddell & Reed Financial, Inc., headquartered in Overland Park, Kansas. ACF, a Registered Investment Advisor, has been wholly owned by Waddell & Reed Investment Management Company since 1999.

ACF is ranked in the top 10 percent of investment managers in PSN’s Large Cap Core Equity Universe and has been awarded Top Guns recognition over the past three years in the one, two, and three star category. PSN (Plan Sponsor Network), which is part of Informa Investment Solutions, Inc., is an investment manager database that collects data from over 2,000 investment management firms.

ACF will be incorporated separately as a subsidiary of TTC Holdings, Inc. Its leadership will continue with CEO Sarah Calvert Doerr, who has been associated with ACF for the last 24 years. Claude Koontz, CFA, will continue to serve as a client service and development manager. Julie Lewis, formerly the chief financial officer, will act as the chief operating officer to manage the daily operations of the firm.

Charles D. Wade, vice chairman and CEO of TTC Holdings, Inc. and chairman of The Trust Company said, “Austin, Calvert & Flavin, Inc. is a well-established local firm that has always maintained a reputation for excellence and high ethical standards. Since the inception of The Trust Company in 1997, we have always looked to ACF as an example of how the investment advisory business should be practiced. When the opportunity developed to combine our companies through common ownership, we knew that the cultures of the two companies were already very similar and the services offered to clients of each firm were complementary. The combined client assets of the firms will total more than $2 billion.

Doerr says, “This new and exciting partnership with TTC Holdings will allow ACF to bring firm ownership back to San Antonio. In addition, we will be able to offer a greater range of investment and even private banking services to our clients, as well as continuing the highly customized portfolio management that has characterized ACF for 28 years.

“Waddell & Reed has proven to be a good partner since our merger in 1999. However, the ACF management looks to deepen the services offered to clients, and we realize it is time to move in a new direction,” she adds. Doerr stresses that ACF’s top priority will remain providing quality client service by focusing the company’s investment philosophy on clients’ individual needs.

Henry J. Herrmann, CEO of Waddell & Reed Financial, Inc., says, “We wish our colleagues at Austin, Calvert & Flavin the very best in the future and we have enjoyed our association. This transaction provides the opportunity for both firms to more effectively pursue core business initiatives.”

The Trust Company is relocating its corporate headquarters from 711 Navarro Street in downtown San Antonio to McCombs Plaza on East Mulberry Avenue at US 281, where the ACF corporate offices are located.

For more information about Austin, Calvert & Flavin, Inc., visit www.auscal.com : , and The Trust Company at www.thetrustcompany.com : .

About The Trust Company

The Trust Company was founded in June 1997 as a limited purpose bank, specializing in trust and investment management services for its clients. In 1998, a local broker/dealer was acquired and renamed Presidio Financial Services, Inc. In 2000, The Trust Company began offering retirement planning services to companies, their owners and employees. In 2004, a commitment was made to offer institutional consulting services. In 2007, The Trust Company converted its banking charter to a full service state bank and began offering commercial and private banking services to a select clientele. The company has become a well-established institution responsible for management of assets in excess of $1.45 billion. With a total of 31 employees, The Trust Company has offices in San Antonio, Boerne and Corpus Christi.

About Austin, Calvert & Flavin, Inc.

Austin, Calvert & Flavin, Inc. (ACF) founded in 1981, is a San Antonio-based investment advisor that manages high quality equity and fixed income assets for individuals, trusts, endowments, foundations, retirement plans and corporations. Ed Glass, Edward Austin, Jr. and Jonathan Calvert founded ACF over 28 years ago, and in 1988 Harry Flavin joined as chief investment officer. In August of 1999, ACF became wholly owned by Waddell & Reed Investment Management Company, a subsidiary of Waddell & Reed Financial, Inc. Headquartered in Overland Park, Kansas, Waddell & Reed is one of the oldest mutual fund and financial planning companies in the United States. ACF manages $643 million in assets for clients in seven states.

About TTC Holdings, Inc.

TTC Holdings, Inc. (TTCH) has approximately 90 shareholders with management ownership at approximately 17 percent. More than 90 percent of TTCH owners live and work in South Texas.

The Trust Company
Charles D. Wade, 210-353-0500 CWade@TheTrustCompany.com : mailto:CWade@TheTrustCompany.com or

Austin, Calvert & Flavin, Inc.
Sarah Calvert Doerr, 210-353-0500 sdoerr@auscal.com : mailto:sdoerr@auscal.com 

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