Asset manager Waddell & Reed's profit rises as net inflows soar

Tue Jul 30, 2013 7:35am EDT

Related Topics

(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)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.