Waddell & Reed Financial is one of the oldest mutual fund managers in the US. Subsidiaries administer and distribute about 80 mutual funds under the names Waddell & Reed Advisors Funds (the company's longest-running and largest fund complex), Ivy Funds (administered by Ivy Investment Management), and Waddell & Reed InvestEd Portfolios; they also manage accounts for institutional investors and private clients. The company sells annuities and insurance through agreements with third-party providers. Waddell & Reed has about 420 locations throughout the US, including more than 250 individual advisor offices, usually in small cities and rural areas.
The company sells its products through a network of more than 1,800 advisors, as well as through third-party channels such as brokerages, retirement and pension plans, and independent investment advisors. Its Legend group of subsidiaries serves employees of school districts and not-for-profit organizations.
Waddell & Reed's investment management strategy is centered around fundamental research, collaboration among portfolio managers, and asset growth and retention. The company has more than $83 million of assets under management, most of it invested in domestic equities with an eye toward long-term performance. The company reported more than $1 billion in revenues for the first time ever in 2010 after markets improved following the global credit crisis. Its revenue and earnings were up again in 2011, corresponding with an increase in average assets under management. Waddell & Reed has also benefitted from cost-control measures, even as it embarked on a nationwide branding campaign during the year.
Founded in 1937, Waddell & Reed introduced its first family of mutual funds, The Waddell & Reed Advisors Group, in 1940. – less