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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 This material may not be published, broadcast, rewritten, or redistributed.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. ....
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.” ....
Waddell & Reed announces layoffs; won t move to downtown headquarters under construction KSHB and last updated 2021-03-02 16:18:07-05 KANSAS CITY, Mo. â Waddell & Reed, an Overland Park-based financial services company, notified the state of Kansas last week of plans to lay off more than 200 workers. The company also won t occupy a new building currently under construction in downtown Kansas City, Missouri, according to a Macquarie Asset Management spokesperson. Macquarie Asset Management announced in December 2020 that it was acquiring Waddell & Reed for $1.7 billion. As part of the deal, Waddell & Reedâs wealth management platform will be divested to LPL Financial Holdings. The fallout from that acquisition is beginning to come into focus. ....
Can LPL's deal for Waddell & Reed's wealth management arm transform the asset manager's distribution channel? 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.