July 30, 2013 / 11:37 AM / in 4 years

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

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