MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, October 27, 2009 Waddell & Reed's Q3 Profits Stay Flat Waddell & Reed, which sponsors the Ivy Funds and Waddell & Reed Advisor Funds, earned $33.4 million, or 39 cents per share, in the third quarter, practically unchanged from $33.3 million in the year-ago period. The latest quarter's results include a charge of $543,000 to general and administrative costs for severance expenses and $2.2 million in tax benefits in connection with the sale of its Austin, Calvert & Flavin subsidiary. Not counting the charge and the tax benefits, net income would have been $31.8 million or 37 cents per share. Overland Park, Kansas-based Waddell & Reed recorded gross sales of $804 million in the advisor channel, up 3 percent compared to the second quarter and down eight percent compared to last year. In the wholesale channel, gross sales totaled $4.1 billion, virtually the same compared to the second quarter and up 9 percent from the year-ago period. Waddell executives said that while the Asset Strategy and Global Natural Resources funds account for three-quarters of total sales, "meaningful daily flows continue" in five other funds. In the institutional channel, Waddell saw gross sales of $277 million, down 47 percent from the second quarter and down 51 percent compared to last year. Waddell ended the third quarter with total AUM of $64.48 billion, up from $55.6 billion at the close of the second quarter and $59.78 billion at the end of the third quarter last year. Printed from: MFWire.com/story.asp?s=23057 Copyright 2009, InvestmentWires, Inc. All Rights Reserved |