Waddell & Reed Financial, Inc. (NYSE: WDR) today reported
fourth quarter 2014 net income of $80.9 million, or $0.97 per
diluted share, compared to net income of $74.6 million, or $0.89
per diluted share, during the previous quarter and net income of
$78.8 million, or $0.92 per diluted share, during the fourth
quarter of 2013. The third quarter of 2014 included a charge of
$7.9 million ($5.0 million net of taxes, or $0.06 per diluted
share) to recognize the impairment of an intangible asset.
Operating revenues of $397.2 million declined 3% sequentially,
driven by lower management fee revenues as average assets under
management declined during the fourth quarter. When compared to the
same period last year, operating revenues rose 6%. The increase was
due to higher average assets under management during the current
quarter compared to the same quarter in 2013, which resulted in
higher underwriting and distribution fees and management fee
revenues. The operating margin during the quarter was 30.0%
compared to 30.6% during the previous quarter and 30.2% during the
same period last year.
On December 31, 2014, assets under management were $123.7
billion, down 4% during the quarter due to outflows, which were
partially offset by positive market action. Compared to December
31, 2013, assets under management declined 2%. Average assets under
management were $126.9 billion in the quarter.
Business Discussion
“The second half of 2014 was unusually challenging for Waddell
& Reed,” said Hank Herrmann, Chairman and Chief Executive
Officer of Waddell & Reed Financial, Inc. “Sales momentum
meaningfully decelerated while redemptions rose. Much of this
reversal in trends can be attributed to weakness in performance in
one of our key funds and the loss of investors’ appetite for high
yield products.”
“The investment team is working to address performance issues
while the distribution staff is focused on keeping clients alert to
the attractiveness of our products and their superior long-term
performance records.”
The fourth quarter of 2014 included $8.9 billion in capital gain
and dividend distributions by our funds, approximately $1.0 billion
of which were not reinvested by clients. The net capital gain not
reinvested in our funds was recorded as a reduction to sales. We
reported fourth quarter sales of $4.0 billion; however, adjusting
for the impact of the un-reinvested portion of capital gains, sales
were $5.0 billion.
Capital gain distributions during the quarter in the Wholesale
channel were $5.9 billion, $912 million of which was not reinvested
in our funds. Sales during the quarter were $2.4 billion, or $3.3
billion adjusted for the net capital gains not reinvested in our
funds, which was 23% lower than the previous quarter. Annual sales
were $18.5 billion, a decline of 13% compared to the year ended
December 31, 2013, or 9% adjusted for the capital gains not
reinvested in our funds. Outflows for the quarter and year ended
December 31, 2014 were $6.1 billion and $5.1 billion, respectively,
or outflows of $5.2 billion and $4.2 billion for the same periods
adjusted for the capital gains not reinvested in our funds.
Sales in our Advisors channel were $1.3 billion during the
current quarter, or 1% higher compared to the previous quarter.
Sales increased 6% year over year, for an annual total of $5.5
billion. Net inflows were $34 million during the quarter and $586
million for the full year. Capital gain distributions during the
quarter in our Advisors channel were $3.0 billion, $77 million of
which was not reinvested in our funds.
Sales in our Institutional channel were $317 million, or 3%
lower than the previous quarter. Annual sales were $3.4 billion, or
9% higher than the previous year. We experienced $346 million of
outflows during the quarter; however, this channel had annual net
inflows of $957 million.
Management Fee Revenue Analysis
Management fees declined 5% sequentially, in line with the 5%
decline in average assets under management. The effective fee rate
remained unchanged at 59.0 basis points.
Compared to the fourth quarter of 2013, management fees rose 5%
while average assets under management rose 6%. A mix-shift in the
asset base caused the effective fee rate to decline to 59.0 basis
points compared to 59.5 basis points last year.
Underwriting and Distribution Analysis
Wholesale channel
Revenues fell sequentially as assets under management and
related Rule 12b-1 fees declined. Direct expenses also declined on
lower Rule 12b-1 fees and lower wholesaler commissions. Indirect
costs rose slightly due to higher IT costs.
Compared to the same period last year, revenues and direct
expenses fell slightly due to lower asset-based Rule 12b-1 fees.
Indirect costs rose due to higher IT costs and to a lesser degree,
higher compensation costs.
Advisors channel
Sequentially, revenues rose due to a combination of higher
asset-based advisory fees and commissions on variable annuity sales
and insurance products. Direct costs rose with revenues and
indirect costs rose slightly.
Compared to the fourth quarter of 2013, the increase in revenues
was primarily due to higher advisory fees. Higher asset-based Rule
12b-1 fees and, to a lesser degree, higher commissions on insurance
products also contributed to the increase in revenues. Direct costs
rose with revenues, while indirect costs rose slightly.
Compensation and Related Expense Analysis
The sequential decline in compensation costs was mainly due to
lower incentive compensation costs and was partly offset by higher
payroll taxes associated with the vesting of restricted stock,
higher equity compensation and higher base salaries.
Compared to the same quarter in 2013, costs declined due to
lower incentive compensation costs and, to a lesser degree, a
decline in pension costs. An increase in base compensation costs
partially offset these items.
General and Administrative Expense Analysis
Costs rose sequentially due to higher IT, consulting and
advertising costs. Compared to the fourth quarter of 2013, higher
consulting was primarily responsible for the increase in costs.
Unaudited Balance Sheet Information
Schedule of Selected Items
Dec. 31, 2014
(Amounts in millions) Cash & cash equivalents
(unrestricted) $ 566.6 Investment securities 243.3
Total
assets 1,511.9 Long-term debt 190.0
Total
liabilities 725.8 Stockholders' equity
786.1 Shares outstanding 83.7
million shares Quarter ended
Year-to-Date Dec. 31, 2014 Dec. 31, 2014
($ in thousands) Shares repurchased Number of
shares 729,882 2,252,152 Total cost $ 34,885 $ 131,030
Dividend paid Rate per share $ 0.34 $ 1.36 Total paid $
28,509 $ 115,263
Capital returned to stockholders
$ 63,394 $ 246,293 On December
31 2014, we granted 323,000 shares of restricted stock in
accordance with our executive compensation program.
Unaudited Consolidated Statement of Income
(Amounts in thousands, except
for per share data)
2013 2014
1st Qtr. 2nd Qtr. 3rd Qtr.
4th Qtr. 1st Qtr. 2nd Qtr.
3rd Qtr. 4th Qtr. Operating
Revenues: Investment
management fees $ 148,445 $ 156,219 $ 165,559 $ 180,219 $ 188,037 $
193,624 $ 197,783 $ 188,658 Underwriting and distribution fees
135,419 141,597 146,863 158,940 165,267 169,001 173,047 171,363
Shareholder service fees 32,691
33,890 34,667
35,845 37,112 38,009
38,728 37,130
Total operating revenues 316,555
331,706 347,089 375,004
390,416 400,634
409,558 397,151
Operating
Expenses: Underwriting and distribution 161,571 164,844 169,046
181,252 194,951 195,608 197,246 195,522 Compensation and related
costs 48,155 47,376 49,472 52,594 50,009 48,589 48,375 47,437
General and administrative 16,208 26,938 20,462 22,811 23,756
27,183 24,924 28,774 Subadvisory fees 4,484 4,291 1,667 1,778 1,877
2,069 2,203 2,287 Depreciation 3,227 3,222 3,172 3,213 3,249 3,541
3,786 4,058 Intangible asset impairment -
- -
- - - 7,900
- Total operating expenses
233,645 246,671
243,819 261,648 273,842
276,990 284,434
278,078
Operating Income 82,910 85,035
103,270 113,356 116,574 123,644 125,124 119,073 Investment and
other income/(loss) 4,377 1,002 5,212 9,313 3,900 6,100 (1,205 )
7,995 Interest expense (2,854 ) (2,858
) (2,832 ) (2,700 ) (2,755 )
(2,755 ) (2,769 ) (2,763
) Income before taxes 84,433 83,179 105,650 119,969 117,719 126,989
121,150 124,305 Provision for taxes 30,570
31,222 37,231
41,210 42,855 44,001
46,564 43,412
Net Income $ 53,863 $ 51,957
$ 68,419 $ 78,759 $ 74,864
$ 82,988 $ 74,586 $ 80,893
Net income per share, basic and diluted: 0.63
0.61 0.80
0.92 0.88 0.98
0.89 0.97 Weighted
average shares outstanding - basic and diluted 85,593
85,869 85,603
85,294 85,019
85,073 84,242 83,623
Operating margin 26.2 %
25.6 % 29.8 % 30.2 % 29.9
% 30.9 % 30.6 % 30.0 %
Net Distribution Cost Analysis
(Amounts in thousands)
Wholesale Channel 1st Qtr. 2nd Qtr.
3rd Qtr. 4th Qtr. 1st Qtr.
2nd Qtr. 3rd Qtr. 4th
Qtr. U&D Revenues $ 48,175 $ 49,846 $ 52,472 $ 56,926 $
59,564 $ 60,237 $ 59,807 $ 55,331 U&D Expenses - Direct (63,548
) (64,694 ) (67,107 ) (72,698 ) (79,700 ) (76,834 ) (75,775 )
(70,150 ) U&D Expenses - Indirect (11,000 )
(11,229 ) (10,409 ) (11,285 )
(11,535 ) (12,791 ) (13,317 )
(14,032 ) Net Distribution (Costs) ($26,373 )
($26,077 ) ($25,044 )
($27,057 ) ($31,671 ) ($29,388 )
($29,285 ) ($28,851 )
Advisors Channel
U&D Revenues $ 87,244 $ 91,751 $ 94,391 $ 102,014 $ 105,703 $
108,764 $ 113,240 $ 116,032 U&D Expenses - Direct (59,657 )
(62,794 ) (64,550 ) (69,023 ) (74,697 ) (76,867 ) (79,700 ) (82,231
) U&D Expenses - Indirect (27,366 )
(26,127 ) (26,980 ) (28,246 )
(29,019 ) (29,116 ) (28,454 )
(29,109 ) Net Distribution Excess $ 221 $
2,830 $ 2,861 $ 4,745 $
1,987 $ 2,781 $ 5,086 $
4,692
Changes in Assets Under Management 2013
2014 (Amounts in millions)
1st Qtr.
2nd Qtr. 3rd Qtr. 4th Qtr.
1st Qtr. 2nd Qtr. 3rd Qtr.
4th Qtr. Wholesale Channel
Beginning assets $ 48,930 $ 53,254 $
53,860 $ 59,661 $ 67,055 $ 70,467 $ 71,671 $ 66,375 Sales* 5,042
5,030 5,191 6,148 7,017 4,864 4,269 2,383 Redemptions (3,157 )
(3,983 ) (3,723 ) (3,449 ) (3,562 ) (4,363 ) (7,008 ) (8,592 ) Net
Exchanges 66 61 83
91 112 (397
) 112 74
Net flows
1,951 1,108 1,551 2,790 3,567 104 (2,627 ) (6,135 ) Market action
2,373 (502 ) 4,250
4,604 (155 ) 1,100
(2,669 ) 95 Ending assets $
53,254 $ 53,860 $ 59,661
$ 67,055 $ 70,467 $ 71,671 $
66,375 $ 60,335
Advisors
Channel Beginning assets $ 35,660 $ 37,915 $ 38,172 $ 40,767 $
43,667 $ 44,224 $ 45,797 $ 44,908 Sales* 1,303 1,404 1,242 1,283
1,435 1,457 1,322 1,332 Redemptions (1,047 ) (1,083 ) (1,071 )
(1,104 ) (1,106 ) (1,098 ) (1,146 ) (1,224 ) Net Exchanges
(66 ) (62 ) (83 ) (92 )
(112 ) (88 ) (112 )
(74 )
Net flows 190 259 88 87 217 271 64 34 Market
action 2,065 (2 ) 2,507
2,813 340
1,302 (953 ) 575 Ending
assets $ 37,915 $ 38,172 $ 40,767
$ 43,667 $ 44,224 $ 45,797
$ 44,908 $ 45,517
Institutional Channel Beginning assets $ 11,775 $ 12,626 $
12,312 $ 13,316 $ 15,821 $ 16,692 $ 18,165 $ 17,603 Sales* 430 379
386 1,913 1,554 1,193 328 317 Redemptions (469 ) (811 ) (550 ) (792
) (679 ) (851 ) (727 ) (663 ) Net Exchanges -
- - -
- 485 -
-
Net flows (39 ) (432 ) (164 ) 1,121
875 827 (399 ) (346 ) Market action 890
118 1,168 1,384
(4 ) 646 (163 )
541 Ending assets $ 12,626 $ 12,312
$ 13,316 $ 15,821 $ 16,692
$ 18,165 $ 17,603 $
17,798
Consolidated Total Beginning assets $
96,365 $ 103,795 $ 104,344 $ 113,744 $ 126,543 $ 131,383 $ 135,633
$ 128,886 Sales* 6,775 6,813 6,819 9,344 10,006 7,514 5,919 4,032
Redemptions (4,673 ) (5,877 ) (5,344 ) (5,345 ) (5,347 ) (6,312 )
(8,881 ) (10,479 ) Net Exchanges - (1 )
- (1 ) -
- - -
Net flows 2,102 935 1,475 3,998 4,659 1,202 (2,962 ) (6,447
) Market action 5,328 (386 )
7,925 8,801 181
3,048 (3,785 )
1,211 Ending assets $ 103,795 $ 104,344
$ 113,744 $ 126,543 $ 131,383
$ 135,633 $ 128,886 $
123,650
* Sales is primarily gross sales (net of
sales commissions). This amount also includes net reinvested
dividends & capital gains and investment income.
Supplemental Information
2013 2014 1st
Qtr. 2nd Qtr. 3rd Qtr.
4th Qtr. 1st Qtr. 2nd Qtr.
3rd Qtr. 4th Qtr. Channel highlights
Number of Wholesalers 50
50 49 50 60 60 59 59 Number of Advisors 1,717 1,734 1,784 1,746
1,737 1,740 1,759 1,766 Advisors' Productivity * 50.5 53.1 53.7
57.4 60.9 62.4 64.6 65.7
Redemption rates - long term
assets Wholesale 24.6 % 29.4 % 25.7 % 21.7 % 21.1 % 25.1 % 40.3
% 53.8 % Advisors 9.4 % 9.1 % 8.7 % 8.5 % 8.2 % 7.9 % 8.2 % 8.9 %
Institutional 15.5 % 25.5 % 17.0 % 21.6 % 17.0 % 19.9 % 16.1 % 14.7
% Total 18.0 % 21.7 % 18.6 % 17.1 % 16.2 % 18.7 % 26.1 % 32.4 %
Operating highlights Organic growth/(decay)
annualized 8.7 % 3.6 % 5.7 % 14.1 % 14.7 % 3.7 % -8.7 % -20.0 %
Total assets under management (in millions) 103,795 104,344 113,744
126,543 131,383 135,633 128,886 123,650
Diversification
(Company Total) As % of Sales Asset Strategy 33.6 % 28.5
% 25.9 % 27.6 % 33.4 % 26.3 % 24.9 % 4.2 % Fixed Income 30.7 % 30.4
% 31.8 % 24.4 % 23.3 % 25.4 % 28.8 % 28.1 % Other 35.7 % 41.1 %
42.3 % 48.0 % 43.3 % 48.3 % 46.3 % 67.7 %
As % of Assets Under
Management Asset Strategy 33.7 % 33.4 % 33.8 % 34.3 % 33.9 %
32.9 % 32.0 % 28.8 % Fixed Income 20.7 % 19.9 % 19.0 % 18.1 % 18.6
% 18.7 % 18.2 % 17.8 % Other 45.6 % 46.7 % 47.2 % 47.6 % 47.5 %
48.4 % 49.8 % 53.4 %
Operating margin 26.2 %
25.6 % 29.8 % 30.2 % 29.9 % 30.9 %
30.6 % 30.0 %
Lipper Fund Rankings 1 Year 3
Years 5 Years Funds ranked in top quartile
18 % 32 % 37 % Funds ranked in top half 56 % 65 % 63
% Assets ranked in top quartile 9 % 62 % 68 % Assets ranked
in top half 40 % 78 % 86 % * Advisors'
productivity is calculated by dividing U&D revenues for the
Advisors channel
by the average number of
advisors during the period.
Unaudited Consolidated Statement of
Income (Amounts in
thousands, except for per share data)
Year to Date
Dec-14 Dec-13 % Change
Operating Revenues: Investment management fees $ 768,102 $
650,442 18.1 % Underwriting and distribution fees 678,678 582,819
16.4 % Shareholder service fees 150,979
137,093 10.1 % Total operating
revenues 1,597,759 1,370,354
16.6 %
Operating Expenses: Underwriting and
distribution 783,327 676,713 15.8 % Compensation and related costs
194,410 197,597 -1.6 % General and administrative 104,637 86,419
21.1 % Subadvisory fees 8,436 12,220 -31.0 % Depreciation 14,634
12,834 14.0 % Intangible asset impairment
7,900 - N/M Total
operating expenses 1,113,344
985,783 12.9 %
Operating Income 484,415
384,571 26.0 % Investment and other income 16,790 19,904 -15.6 %
Interest expense (11,042 ) (11,244 )
-1.8 % Income before taxes 490,163 393,231 24.7 % Provision
for taxes 176,832 140,233
26.1 %
Net Income $ 313,331 $
252,998 23.8 % Net income per share, basic and
diluted 3.71 2.96
25.5 % Weighted average shares outstanding - basic and diluted
84,485 85,589 -1.3
% Operating margin 30.3 % 28.1 %
8.0 %
Net Distribution Cost
Analysis (Amounts in
thousands)
Year to Date Wholesale Channel
Dec-14 Dec-13 % Change
U&D Revenues $ 234,939 $ 207,419 13.3 % U&D Expenses -
Direct (302,459 ) (268,047 ) 12.8 % U&D Expenses - Indirect
(51,675 ) (43,923 ) 17.6 % Net
Distribution (Costs) ($119,195 ) ($104,551 )
14.0 %
Advisors Channel U&D Revenues $
443,739 $ 375,400 18.2 % U&D Expenses - Direct (313,495 )
(256,024 ) 22.4 % U&D Expenses - Indirect (115,698 )
(108,719 ) 6.4 % Net Distribution Excess $
14,546 $ 10,657 36.5 %
Changes in Assets Under Management Year to
Date (Amounts in millions)
Dec-14 Dec-13
% Change Wholesale Channel
Beginning assets $ 67,055 $ 48,930 37.0 % Sales* 18,534 21,411
-13.4 % Redemptions (23,524 ) (14,313 ) 64.4 % Net Exchanges
(101 ) 303 N/M
Net flows
(5,091 ) 7,401 -168.8 % Market action (1,629 )
10,724 -115.2 % Ending assets $ 60,335
$ 67,055 -10.0 %
Advisors
Channel Beginning assets $ 43,667 $ 35,660 22.5 % Sales* 5,545
5,232 6.0 % Redemptions (4,575 ) (4,304 ) 6.3 % Net Exchanges
(384 ) (306 ) N/M
Net
flows 586 622 -5.8 % Market action 1,264
7,385 -82.9 % Ending assets $ 45,517
$ 43,667 4.2 %
Institutional
Channel Beginning assets $ 15,821 $ 11,775 34.4 % Sales* 3,392
3,108 9.1 % Redemptions (2,920 ) (2,622 ) 11.4 % Net Exchanges
485 - N/M
Net
flows 957 486 -96.9 % Market action 1,020
3,560 -71.3 % Ending assets $ 17,798
$ 15,821 12.5 %
Consolidated
Total Beginning assets $ 126,543 $ 96,365 31.3 % Sales* 27,471
29,751 -7.7 % Redemptions (31,019 ) (21,239 ) 46.0 % Net Exchanges
- (3 ) N/M
Net
flows (3,548 ) 8,509 -141.7 % Market action 655
21,669 -97.0 % Ending assets $ 123,650
$ 126,543 -2.3 % * Sales
is primarily gross sales (net of sales commissions). This amount
also includes
net reinvested dividends &
capital gains and investment income.
Earnings Conference Call
Stockholders, members of the investment community and the
general public are invited to listen to a live Web cast of
our earnings release conference call today at 10:00 a.m.
Eastern. During this call, Henry J. Herrmann, Chairman and CEO,
will review our quarterly results. Live access to the
teleconference will be available on the “Investor Relations”
section of our Web site at www.waddell.com. A Web cast replay will
be made available shortly after the conclusion of the call and
accessible for seven days.
Web Site Resources
We invite you to visit the “Investor Relations” section of our
Web site at www.waddell.com under the caption “Data Tables” to
review supplemental information schedules.
Contacts
Investor Contact:Nicole Russell,
VP, Investor Relations, (913) 236-1880, nrussell@waddell.com
Mutual Fund Investor Contact:Call
(888) WADDELL, or visit www.waddell.com or www.ivyfunds.com.Past
performance is no guarantee of future results. Please invest
carefully.
About the Company
Waddell & Reed, Inc., founded in 1937, is one of the oldest
mutual fund complexes in the United States, having introduced the
Waddell & Reed Advisors Group of Mutual Funds in 1940. Today,
we distribute our investment products through the Waddell &
Reed Wholesale channel (encompassing broker/dealer, retirement, and
registered investment advisors), our Advisors channel (our network
of financial advisors), and our Institutional channel (including
defined benefit plans, pension plans and endowments, and our
subadvisory partnership with Mackenzie in Canada).
Through its subsidiaries, Waddell & Reed Financial, Inc.
provides investment management and financial planning services to
clients throughout the United States and internationally. Waddell
& Reed Investment Management Company serves as investment
advisor to the Waddell & Reed Advisors Group of Mutual Funds,
Ivy Funds Variable Insurance Portfolios and Waddell & Reed
InvestEd Portfolios, while Ivy Investment Management Company serves
as investment advisor to Ivy Funds and the Selector Management Fund
SICAV, an umbrella UCITS fund range domiciled in Luxembourg.
Waddell & Reed, Inc. serves as principal underwriter and
distributor to the Waddell & Reed Advisors Group of Mutual
Funds, Ivy Funds Variable Insurance Portfolios and Waddell &
Reed InvestEd Portfolios, while Ivy Funds Distributor, Inc. serves
as principal underwriter and distributor to Ivy Funds and global
distributor to Selector Management Fund SICAV.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which reflect the current views and assumptions of
management with respect to future events regarding our business and
industry in general. These forward-looking statements include all
statements, other than statements of historical fact, regarding our
financial position, business strategy and other plans and
objectives for future operations, including statements with respect
to revenues and earnings, the amount and composition of assets
under management, distribution sources, expense levels, redemption
rates and the financial markets and other conditions. These
statements are generally identified by the use of such words as
"may," "could," "should," "would," "believe," "anticipate,"
"forecast," "estimate," "expect," "intend," "plan," "project,"
"outlook," "will," "potential" and similar statements of a future
or forward-looking nature. Readers are cautioned that any
forward-looking information provided by us or on our behalf is not
a guarantee of future performance. Actual results may differ
materially from those contained in these forward-looking statements
as a result of various factors, including but not limited to those
discussed below. If one or more events related to these or other
risks, contingencies or uncertainties materialize, or if our
underlying assumptions prove to be incorrect, actual results may
differ materially from those forecasted or expected. Certain
important factors that could cause actual results to differ
materially from our expectations are disclosed in the "Risk
Factors" section of our Annual Report on Form 10-K for the year
ended December 31, 2013, which include, without limitation:
- The loss of existing distribution
channels or inability to access new distribution channels;
- A reduction in assets under our
management on short notice, through increased redemptions in our
distribution channels or our Funds, particularly those Funds with a
high concentration of assets, or investors terminating their
relationship with us or shifting their funds to other types of
accounts with different rate structures;
- The adverse ruling or resolution of any
litigation, regulatory investigations and proceedings, or
securities arbitrations by a federal or state court or regulatory
body;
- The introduction of legislative or
regulatory proposals or judicial rulings that change the
independent contractor classification of our financial advisors at
the federal or state level for employment tax or other employee
benefit purposes;
- Our inability to provide sufficient
capital to support new investment products;
- The ability of mutual fund and other
investors to redeem their investments without prior notice or on
short notice;
- Our inability to implement new
information technology and systems, or our inability to complete
such implementation in a timely or cost effective manner;
- Non-compliance with applicable laws or
regulations and changes in current legal, regulatory, accounting,
tax or compliance requirements or governmental policies;
- A decline in the securities markets or
in the relative investment performance of our Funds and other
investment portfolios and products as compared to competing funds;
and
- Our inability to attract and retain
senior executive management and other key personnel to conduct our
broker/dealer, fund management and investment advisory
business.
The foregoing factors should not be construed as exhaustive and
should be read together with other cautionary statements included
in this and other reports and filings we make with the Securities
and Exchange Commission, including the information in Item 1
"Business" and Item 1A \"Risk Factors" of Part I and Item 7
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" of Part II to our Annual Report on Form 10-K
for the year ended December 31, 2013 and as updated in our
quarterly reports on Form 10-Q for the year ending December 31,
2014. All forward-looking statements speak only as of the date on
which they are made and we undertake no duty to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except to the extent
required by law.
Waddell & Reed Financial, Inc.Investor Contact:Nicole Russell, 913-236-1880VP,
Investor Relationsnrussell@waddell.comorMutual
Fund Investor Contact:(888)
WADDELLwww.waddell.comwww.ivyfunds.com
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