Macquarie Asset Management (MAM), the asset management division of Macquarie Group, today announced the completing of its acquisition of Waddell and Reed Financial, Inc., quite possibly the most settled asset and wealth management associations in the United States.
Macquarie Group Has At Last Acquired Waddell & Reed Financial Inc.
Concurrent with the completion of the trade, Macquarie sold WDR’s wealth management platform to LPL Financial Holdings Inc., a principle US retail investment advisory firm, independent broker-dealer, and registered investment advisor custodian. As to trade, Macquarie and LPL have gone into a drawn out partnership, with Macquarie getting one of LPL’s high level imperative asset management partners.
Shawn Lytle, President of Delaware Funds? by Macquarie and Head of Macquarie Group in the Americas, said, “We are fulfilled to welcome the Ivy Funds financial backers to the Delaware Funds by Macquarie. Both asset families have a typical focus on passing on strong investment results and a brilliant client experience for all. This mix, close by our improved partnership with LPL, opens impressive motivator for Waddell and Reed advisors and their clients.”
LPL Financial President and Chief Executive Officer Dan Arnold said, “Waddell and Reed advisors are readied and especially regarded all through the business and are a strong social and essential fit with us. We expect supporting them with our comprehensive platform that helps them with arranging and work the ideal practice for them and their clients. Waddell and Reed and Macquarie have been strong partners all through the cycle, and we expect our advancing participation.” MAM will hold Waddell and Reed Financial, Inc’s. asset management business, procuring $US76 billion assets under management. The trade will achieve MAM transforming into a principle 20 adequately regulated, long stretch open-end US normal asset administrator by assets under management.