Asset manager Waddell & Reed's profit rises as net inflows soar
(Reuters) - Asset manager Waddell & Reed Financial Inc reported a 26 percent rise in quarterly profit as net inflows more than doubled.
Net income from continuing operations rose to $52 million, or 61 cents per share, in the second quarter, from $41.2 million, or 48 cents per share, a year earlier.
Total operating revenue rose 15 percent to $332 million.
Net inflows rose to $935 million from $376 million.
Waddell & Reed, which is known for its Ivy fund family, ended the quarter with $104 billion in assets under management, up 17 percent from a year earlier.
Overland Park, Kansas-based Waddell's shares closed at $49.89 on the New York Stock Exchange on Monday. They have gained 19 percent in the last three months.
(Reporting by Ashutosh Pandey in Bangalore)
- Gaza toll passes 100; Israel to counter rockets 'with all power' |
- Mexican train derails, stranding 1,300 migrants headed toward U.S.
- Ukraine says rebels will pay as missiles kill 23 soldiers |
- Texas mass murder suspect collapses in court as crime recounted
- British 'Harry Potter' actor David Legeno found dead in U.S. park