Waddell & Reed lays off employees, scuttles move after Macquarie-LPL deal financial-planning.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financial-planning.com Daily Mail and Mail on Sunday newspapers.
Construction continues on what was to be Waddell & Reed s Kansas City headquarters.
Waddell & Reed s proposed downtown Kansas City headquarters figured prominently in ongoing debates about the propriety of tax incentives to attract businesses to Kansas City from elsewhere.
Waddell & Reed Financial Inc. will not move into new headquarters in downtown Kansas City and is laying off 219 employees in connection with its pending sale to an Australian financial group.
The Overland Park, Kansas-based company had planned to move into a $140 million, 18-story tower currently under construction at 14
th Street and Baltimore Avenue. But the parent company of Macquarie Asset Management, which in December announced a $1.7 billion deal to acquire Waddell & Reed’s stock for $25 a share, said in a statement Tuesday that it was abandoning those plans.
The Overland Park-based company had planned to move into a $140 million, 18-story tower currently under construction at 14th Street and Baltimore Avenue. But the parent company of Macquarie Asset Management, which in December announced a $1.7 billion deal to acquire Waddell & Reed’s stock for $25 a share, said in a statement Tuesday that it was abandoning those plans.
“While we will not be occupying the new building, Macquarie and LPL remain committed to the region and supporting the needs of our clients and staff here,” the statement said. “It is our understanding that construction on the building at 1400 Baltimore will continue.”