MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
|
|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, April 28, 2009 An Asset Manager Climbs Back to the Black Waddell & Reed Financial is in the black once again. On Tuesday the Overland Park, Kansas-based Ivy Funds parent unveiled first quarter net income of $15.5 million, up from a net loss of $700,000 in Q4 2008 (see MFWire, 1/27/2009). Those results included "a non-cash charge of $3.7 million for other-than-temporary impairment of certain of the company's investments in affiliated mutual funds." Waddell's AUM actually increased a bit in the quarter, from $47.484 billion on December 31, 2008 to $47.576 billion on March 31, 2009, thanks to positive inflows via the firm's wholesale channel (of $954 million) and institutional channel ($118 million), and in spite of $82 million in net outflows in the advisor channel. "Out powerful distribution network capitalized upon our strong relative results, delivering inflows despite a very challenging environment," stated CEO Hank Herrmann. "We believe our annualized organic growth rate of over 8% will emerge among the best in class in our peer group of publicly traded asset managers." Printed from: MFWire.com/story.asp?s=21411 Copyright 2009, InvestmentWires, Inc. All Rights Reserved |