Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Waddell & Reed Buys Texas Firm Not Rated 3.0 Email Routing List Email & Route  Print Print
Tuesday, June 29, 1999

Waddell & Reed Buys Texas Firm

Reported by Jason Shank

Waddell & Reed Financial, Inc. (WDR), the mutual fund management and distribution company headquartered in Overland Park, Kansas, announced today that it has agreed to acquire San Antonio based Austin, Calvert & Flavin, Inc. (ACF), a privately held investment management firm.

Related Links
  • Waddell & Reed
  • On MFWire.com
  • MassMutual Adds Funds to 401k Lineup
  • Pay Cuts for Fund Execs
  • The deal will close in the next two months, according to the company, and ACF will continue to operate under its existing name with the same employees and investment philosophy as a wholly-owned subsidiary of Waddell & Reed. Waddell & Reed intends to acquire all of the shares of ACF for cash.

    Waddell & Reed, founded in 1937, manages 36 mutual funds, and has a total of $28.5 billion in assets under management. The firm serves as investment advisor, underwriter and distributor for the United Group of Mutual Funds, Waddell & Reed Funds, Inc., and the Target/United Funds, Inc.

    ACF, founded in 1981, manages more than $1.4 billion for trusts, high net worth families and individuals, and pension plans of corporations, hospitals, schools, labor unions, endowments, and foundations.

    "ACF's extensive experience in ... meet(ing) the needs of high net worth families and individuals will add an important capability to allow us to better serve the increasingly complex needs of our many longtime mutual fund shareholders whose investments have grown dramatically over the years," said Henry Herrmann, president and chief investment officer of Waddell & Reed.

    "Our clients are the real beneficiaries of this strategic move because we now have a broadened horizon for growth and far greater resources available to support the investment process," said Edward H. Austin, Jr., principal of ACF. "We gain access to a wealth of investment talent and especially strong research resources, while Waddell & Reed will be able to utilize our separate account management expertise for some of their clients. This is clearly a win/win situation." 

    Stay ahead of the news ... Sign up for our email alerts now
    CLICK HERE

    3.0
     Do You Recommend This Story?



    GO TO: MFWire
    Return to Top
     News Archives
    2020: Q3Q2Q1
    2019: Q4Q3Q2Q1
    2018: Q4Q3Q2Q1
    2017: Q4Q3Q2Q1
    2016: Q4Q3Q2Q1
    2015: Q4Q3Q2Q1
    2014: Q4Q3Q2Q1
    2013: Q4Q3Q2Q1
    2012: Q4Q3Q2Q1
    2011: Q4Q3Q2Q1
    2010: Q4Q3Q2Q1
    2009: Q4Q3Q2Q1
    2008: Q4Q3Q2Q1
    2007: Q4Q3Q2Q1
    2006: Q4Q3Q2Q1
    2005: Q4Q3Q2Q1
    2004: Q4Q3Q2Q1
    2003: Q4Q3Q2Q1
    2002: Q4Q3Q2Q1
     Subscribe via RSS:
    Raw XML
    Add to My Yahoo!
    follow us in feedly




    ©All rights reserved to InvestmentWires, Inc. 1997-2020
    14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
    Privacy Policy :: Terms of Use