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Macquarie buys US wealth manager 04 May 2021
The asset management division of Macquarie Group has secured one of the oldest asset and wealth firms in the US for $2.3 billion.
Macquarie Asset Management (MAM) has completed its acquisition of Waddell & Reed Financial, all set to retain the group’s asset management business.
Waddell & Reed’s US$76 billion ($98.1 billion) in assets under management will cause MAM’s AUM to swell to more than $650 billion. Advertisement ); googletag.cmd.push(function() { googletag.display( div-gpt-ad-1606778578862-0 ); }); } Advertisement
The transaction has also seen Macquarie sell Waddell & Reed’s wealth management platform to American retail investment advisory, broker-dealer and investment custodian LPL Financial Holdings for US$300 million. ....
Waddell & Reed wealth management platform sold to LPL Financial Macquarie Asset Management (MAM), the asset management division of Macquarie Group (ASX: MQG; ADR: MQBKY), today announced the completion of its acquisition of Waddell & Reed Financial, Inc. (NYSE: WDR), one of the oldest asset and wealth management companies in the United States. Concurrent with the completion of the transaction, Macquarie sold WDR’s wealth management platform to LPL Financial Holdings Inc. (Nasdaq: LPLA), a leading US retail investment advisory firm, independent broker-dealer, and registered investment advisor custodian. In connection with this transaction, Macquarie and LPL have entered into a long-term partnership, with Macquarie becoming one of LPL’s top-tier strategic asset management partners. ....
Australian company completes acquisition of Waddell & Reed Copyright 2021 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. KSHB and last updated 2021-04-30 20:16:04-04 KANSAS CITY, Mo. â The Australian financial company that bought Kansas City-based Waddell & Reed announced Friday that it has completed the $1.7-billion acquisition. Macquarie Asset Management spun off Waddell & Reedâs wealth management platform to LPL Financial Holdings as part of the deal. With the addition of Waddell & Reedâs roughly $76 billion in assets under management, Macquarie becomes one of the 20 largest U.S. mutual fund managers. The move allows Macquarie to pair its signature mutual fund, Delaware Funds, with Waddell & Reedâs Ivy Funds. ....
SAN DIEGO, April 30, 2021 (GLOBE NEWSWIRE) LPL Financial Holdings Inc. (NASDAQ:LPLA) (the "Company"), the parent corporation of LPL Financial LLC, a . ....