Waddell & Reed Financial, Inc. (NYSE: WDR) today reported
fourth quarter 2015 net income of $62.9 million, or $0.76 per
diluted share, compared to net income of $48.1 million, or $0.58
per diluted share, during the previous quarter and net income of
$80.9 million, or $0.97 per diluted share, during the fourth
quarter of 2014.
Operating income of $91.4 million declined 16% sequentially and
23% compared to the same quarter in 2014. Sequentially, operating
revenues fell by 4% while expenses rose 1%. Compared to the same
period last year, operating revenues declined by 9% and expenses
declined 3%. The operating margin during the quarter was 25.3%
compared to 29.0% and 30.0% for the third quarter of 2015 and the
fourth quarter of 2014, respectively.
Assets under management ended the year at $104 billion; down 2%
during the quarter as market appreciation partly offset the impact
of net outflows. Compared to December 31, 2014, assets under
management declined 16% due to a combination of net outflows and
market erosion.
“Heightened market volatility has been a consistent theme
throughout 2015, challenging performance and causing anxiety with
investors,” said Hank Herrmann, Chairman and Chief Executive
Officer of Waddell & Reed Financial, Inc. “In addition to
market challenges, we have had to manage increased redemption
pressure and weaker sales in some of our key strategies due in part
to underperformance in these funds. In light of lower levels of
assets under management, we are evaluating operating expenses to
align our cost structure with revenues.
“We are focused on broad strategic initiatives across our
distribution channels that will secure our success in the future,”
continued Herrmann. “Our Advisors channel will undergo a major
upgrade to introduce a state-of-the-art brokerage platform and
initiate important changes within our product offerings and share
classes, including a shift to I-shares in our advisory programs, to
ensure that our broker/dealer remains competitive. Now more than
ever, it is critical that our products remain responsive to rapid
changes in investor sentiment, and as such, we will continue to
adapt and bring solutions to our distribution partners.”
Management Fee Revenue Analysis
Management fees declined 5% sequentially in correlation with
lower average assets under management. Compared to the same quarter
last year, management fees declined 12% compared to a 14% decline
in average assets under management. Average assets under management
were $108.9 billion during the current quarter compared to $114.8
billion during the prior quarter and $126.9 billion during the
fourth quarter of 2014. The effective fee rate for the current
quarter was 60.6 basis points compared to 60.5 basis points and
59.0 basis points during the third quarter of 2015 and fourth
quarter of 2014, respectively. Management fees as a percentage
declined less than average assets due to a mix-shift in the asset
base that led to an improvement of 1.6 basis points in the
effective fee rate compared to the fourth quarter of 2014.
Underwriting and Distribution Analysis
Underwriting and Distribution Revenues
Revenues declined 3% sequentially primarily due to a decline in
asset-based Rule 12b-1 fees in our Wholesale channel, and to a
lesser degree in our Advisors channel. Our Advisors channel also
experienced a decline in advisory fees revenues; however, this was
partially offset by an increase in sales commissions.
Compared to the same period last year, revenues declined 6% due
to lower asset-based Rule 12b-1 fees in our Wholesale and Advisors
channels, which was partially offset by an increase in advisory
fees in our Advisors channel.
Underwriting and Distribution Costs
Costs in the fourth quarter of 2015 were relatively unchanged
compared to the third quarter. Direct costs in both retail
distribution channels generally declined in line with revenues.
Indirect costs rose due to severance costs and higher health
insurance costs in our Advisors channel. Indirect costs in our
Wholesale channel increased due to additional marketing and
advertising costs, which were partially offset by lower IT
costs.
Compared to the fourth quarter of 2014, costs declined 3%.
Direct costs in our Wholesale channel declined with revenues while
direct costs in our Advisors channel rose with higher advisory
fees. Indirect costs rose due to higher compensation costs in our
Advisors channel as well as higher IT costs in our Wholesale
channel.
Compensation and Related Expense Analysis
Costs rose 5% sequentially due to higher deferred compensation,
taxes and health insurance costs, which were partly offset by lower
incentive compensation and lower equity compensation costs.
Compared to the fourth quarter of 2014, costs rose 2% due to higher
incentive compensation, base salaries and pension costs, which were
partially offset by lower severance and equity compensation.
General and Administrative Expense Analysis
Costs increased 2% sequentially due primarily to an increase in
IT costs. Compared to the same quarter last year, costs declined
10% due to lower consulting and dealer services costs and to a
lesser degree, lower advertising costs.
Investment and Other Income
Investment and other income of $7.6 million represent a net
increase of $24.5 million from the losses of $16.9 million in the
prior quarter. The current quarter’s effective tax rate was 34.6%,
down from 46.2% in the prior quarter due primarily to unrealized
investment gains.
Unaudited Consolidated Statement of Income
(Amounts in thousands, except
for per share data)
2014 2015
1st Qtr. 2nd Qtr. 3rd
Qtr. 4th Qtr. 1st Qtr. 2nd
Qtr. 3rd Qtr. 4th Qtr. Operating
Revenues: Investment management fees $ 188,037 $ 193,624 $
197,783 $ 188,658 $ 182,105 $ 185,914 $ 175,218 $ 166,325
Underwriting and distribution fees 165,267 169,001 173,047 171,363
166,978 171,508 165,130 160,382 Shareholder service fees
37,112 38,009
38,728 37,130
36,375 36,568 35,761
34,367 Total operating revenues
390,416 400,634
409,558 397,151
385,458 393,990 376,109
361,074
Operating Expenses:
Underwriting and distribution 194,951 195,608 197,246 195,522
195,420 195,762 189,065 189,534 Compensation and related costs
50,009 48,589 48,375 47,437 53,495 52,829 46,157 48,271 General and
administrative 23,756 27,183 24,924 28,774 25,678 27,897 25,458
26,033 Subadvisory fees 1,877 2,069 2,203 2,287 2,387 2,394 2,305
2,048 Depreciation 3,249 3,541 3,786 4,058 4,034 4,064 4,117 3,831
Intangible asset impairment -
- 7,900 -
- - -
- Total operating expenses
273,842 276,990
284,434 278,078
281,014 282,946 267,102
269,717
Operating Income 116,574
123,644 125,124 119,073 104,444 111,044 109,007 91,357 Investment
and other income/(loss) 3,900 6,100 (1,205 ) 7,995 3,972 9 (16,872
) 7,647 Interest expense (2,755 )
(2,755 ) (2,769 ) (2,763 )
(2,766 ) (2,765 ) (2,765 )
(2,772 ) Income before taxes 117,719 126,989 121,150
124,305 105,650 108,288 89,370 96,232 Provision for taxes
42,855 44,001
46,564 43,412 38,537
40,843 41,312
33,312
Net Income $
74,864 $ 82,988 $ 74,586
$ 80,893 $ 67,113 $ 67,445 $
48,058 $ 62,920 Net income per share, basic
and diluted: 0.88 0.98
0.89 0.97
0.80 0.80 0.58
0.76 Weighted average shares outstanding -
basic and diluted 85,019
85,073 84,242 83,623
83,581 84,079
83,469 82,873 Operating
margin 29.9 % 30.9 %
30.6 % 30.0 % 27.1 %
28.2 % 29.0 % 25.3 %
Net Distribution Cost Analysis
(Amounts in thousands)
Wholesale Channel 1st Qtr. 2nd
Qtr. 3rd Qtr. 4th Qtr. 1st
Qtr. 2nd Qtr. 3rd Qtr.
4th Qtr. U&D Revenues $ 59,564 $ 60,237 $ 59,807 $
55,331 $ 52,142 $ 51,768 $ 47,040 $ 43,091 U&D Expenses -
Direct (79,700 ) (76,834 ) (75,775 ) (70,150 ) (68,595 ) (66,947 )
(62,117 ) (57,119 ) U&D Expenses - Indirect (11,535 )
(12,791 ) (13,317 )
(14,032 ) (14,029 ) (13,972 )
(13,329 ) (14,614 ) Net Distribution (Costs)
($31,671 ) ($29,388 ) ($29,285 )
($28,851 ) ($30,482 ) ($29,151 )
($28,406 ) ($28,642 )
Advisors
Channel U&D Revenues $ 105,703 $ 108,764 $ 113,240 $
116,032 $ 114,836 $ 119,740 $ 118,090 $ 117,291 U&D Expenses -
Direct (74,697 ) (76,867 ) (79,700 ) (82,231 ) (82,022 ) (85,177 )
(84,420 ) (83,413 ) U&D Expenses - Indirect (29,019 )
(29,116 ) (28,454 )
(29,109 ) (30,774 ) (29,666 )
(29,199 ) (34,388 ) Net Distribution Excess/(Costs) $
1,987 $ 2,781 $ 5,086 $
4,692 $ 2,040 $ 4,897
$ 4,471 ($510 )
Changes in
Assets Under Management 2014
2015 (Amounts in millions)
1st Qtr.
2nd Qtr. 3rd Qtr. 4th Qtr.
1st Qtr. 2nd Qtr. 3rd Qtr.
4th Qtr. Wholesale Channel
Beginning assets $ 67,055 $ 70,467 $
71,671 $ 66,375 $ 60,335 $ 59,412 $ 57,545 $ 49,320 Sales* 7,017
4,864 4,269 2,383 3,870 3,239 2,768 2,341 Redemptions (3,562 )
(4,363 ) (7,008 ) (8,592 ) (6,259 ) (4,558 ) (5,569 ) (7,300 ) Net
Exchanges 112 (397 ) 112
74 224 144
265 176
Net
flows 3,567 104 (2,627 ) (6,135 ) (2,165 ) (1,175 ) (2,536 )
(4,783 ) Market action (155 ) 1,100
(2,669 ) 95 1,242
(692 ) (5,689 ) 1,104
Ending assets $ 70,467 $ 71,671
$ 66,375 $ 60,335 $ 59,412 $
57,545 $ 49,320 $ 45,641
Advisors Channel Beginning assets $ 43,667 $ 44,224 $
45,797 $ 44,908 $ 45,517 $ 46,385 $ 45,947 $ 42,215 Sales* 1,435
1,457 1,322 1,332 1,270 1,347 1,238 1,218 Redemptions (1,106 )
(1,098 ) (1,146 ) (1,224 ) (1,279 ) (1,279 ) (1,242 ) (1,245 ) Net
Exchanges (112 ) (88 ) (112 )
(74 ) (224 ) (144 )
(265 ) (176 )
Net flows 217 271 64 34
(233 ) (76 ) (269 ) (203 ) Market action 340
1,302 (953 ) 575
1,101 (362 ) (3,463 )
1,332 Ending assets $ 44,224 $
45,797 $ 44,908 $ 45,517 $
46,385 $ 45,947 $ 42,215
$ 43,344
Institutional Channel Beginning
assets $ 15,821 $ 16,692 $ 18,165 $ 17,603 $ 17,798 $ 17,097 $
17,214 $ 14,657 Sales* 1,554 1,193 328 317 300 1,203 465 773
Redemptions (679 ) (851 ) (727 ) (663 ) (1,460 ) (1,003 ) (1,817 )
(799 ) Net Exchanges - 485
- - -
- - -
Net flows 875 827 (399 ) (346 ) (1,160 ) 200 (1,352 )
(26 ) Market action (4 ) 646
(163 ) 541 459
(83 ) (1,205 ) 783 Ending
assets $ 16,692 $ 18,165 $ 17,603
$ 17,798 $ 17,097 $ 17,214
$ 14,657 $ 15,414
Consolidated Total Beginning assets $ 126,543 $ 131,383 $
135,633 $ 128,886 $ 123,650 $ 122,894 $ 120,706 $ 106,192 Sales*
10,006 7,514 5,919 4,032 5,440 5,789 4,471 4,332 Redemptions (5,347
) (6,312 ) (8,881 ) (10,479 ) (8,998 ) (6,840 ) (8,628 ) (9,344 )
Net Exchanges - -
- - - -
- -
Net
flows 4,659 1,202 (2,962 ) (6,447 ) (3,558 ) (1,051 ) (4,157 )
(5,012 ) Market action 181 3,048
(3,785 ) 1,211 2,802
(1,137 ) (10,357 )
3,219 Ending assets $ 131,383 $ 135,633
$ 128,886 $ 123,650 $
122,894 $ 120,706 $ 106,192
$ 104,399 * Sales is primarily gross
sales (net of sales commissions). This amount also includes net
reinvested dividends & capital gains and investment income.
Supplemental Information 2014
2015 1st Qtr. 2nd Qtr.
3rd Qtr. 4th Qtr. 1st Qtr.
2nd Qtr. 3rd Qtr. 4th
Qtr. Channel highlights
Number of Wholesalers 60 60 59 59 61 62 61 61 Number
of Advisors 1,737 1,740 1,759 1,766 1,745 1,780 1,795 1,819
Advisors' Productivity * 60.9 62.4 64.6 65.7 65.9 67.9 66.3 64.9
Redemption rates - long term assets Wholesale 21.1%
25.1% 40.3% 53.8% 42.9% 31.0% 41.2% 59.3% Advisors 8.2% 7.9% 8.2%
8.9% 9.0% 9.0% 8.9% 9.3% Institutional 17.0% 19.9% 16.1% 14.7%
33.7% 23.2% 45.4% 20.5% Total 16.2% 18.7% 26.1% 32.4% 29.0% 21.7%
29.3% 33.7%
Operating highlights Organic
growth/(decay) annualized 14.7% 3.7% -8.7% -20.0% -11.5% -3.4%
-13.8% -18.9% Total assets under management (in millions) 131,383
135,633 128,886 123,650 122,894 120,706 106,192 104,399
Diversification (Company Total) As % of Sales Asset
Strategy 33.4% 26.3% 24.9% 4.2% 17.1% 12.5% 12.5% 6.4% Fixed Income
23.3% 25.4% 28.8% 28.1% 23.8% 16.8% 18.9% 24.5% Other 43.3% 48.3%
46.3% 67.7% 59.1% 70.7% 68.6% 69.1%
As % of Assets Under
Management Asset Strategy 33.9% 32.9% 32.0% 28.8% 27.0% 25.7%
23.7% 20.8% Fixed Income 18.6% 18.7% 18.2% 17.8% 17.7% 17.5% 18.7%
17.7% Other 47.5% 48.4% 49.8% 53.4% 55.3% 56.8% 57.6% 61.5%
Operating margin 29.9% 30.9% 30.6%
30.0% 27.1% 28.2% 29.0% 25.3%
Lipper Fund Rankings 1
Year 3 Years 5 Years Funds ranked
in top quartile 18% 26% 22% Funds ranked in top half 61% 60% 48%
Assets ranked in top quartile 13% 38% 35% Assets ranked in
top half 37% 56% 72% * Advisors' productivity
is calculated by dividing U&D revenues for the Advisors channel
by the average number of advisors during the period.
Unaudited Balance Sheet Information Schedule of
Selected Items
Dec. 31, 2015 (Amounts in
millions) Cash & cash equivalents (unrestricted) $558.5
Investment securities 291.7
Total assets 1,555.7
Long-term debt 190.0
Total liabilities 709.3
Stockholders' equity 846.4 Shares
outstanding 82.9
million shares
Quarter ended Year-to-Date Dec. 31,
2015 Dec. 31, 2015 ($ in thousands)
Shares repurchased Number of shares 520,154 1,955,509 Total
cost $17,058 $80,335
Dividend paid Rate per share
$0.46 $1.75 Total paid $35,710 $143,959
Capital returned
to stockholders $52,768 $224,294 On
December 31 2015, we granted 355,468 shares of restricted stock in
accordance with our executive compensation program.
Unaudited Consolidated Statement of
Income (Amounts in
thousands, except for per share data)
Year Ended
Dec-14 Dec-15 % Change
Operating Revenues: Investment management fees $ 768,102 $
709,562 -7.6% Underwriting and distribution fees 678,678 663,998
-2.2% Shareholder service fees 150,979
143,071 -5.2% Total
operating revenues 1,597,759
1,516,631 -5.1%
Operating Expenses:
Underwriting and distribution 783,327 769,781 -1.7% Compensation
and related costs 194,410 200,752 3.3% General and administrative
104,637 105,066 0.4% Subadvisory fees 8,436 9,134 8.3% Depreciation
14,634 16,046 9.6% Intangible asset impairment
7,900 - N/A Total
operating expenses 1,113,344
1,100,779 -1.1%
Operating Income
484,415 415,852 -14.2% Investment and other income 16,790 (5,244 )
-131.2% Interest expense (11,042 )
(11,068 ) 0.2% Income before taxes 490,163 399,540
-18.5% Provision for taxes 176,832
154,004 -12.9%
Net Income
$ 313,331 $ 245,536 -21.6% Net
income per share, basic and diluted 3.71
2.94 -20.7% Weighted average
shares outstanding - basic and diluted 84,485
83,499 Operating
margin 30.3 % 27.4 %
Net Distribution Cost
Analysis (Amounts in
thousands)
Year Ended Wholesale Channel Dec-14
Dec-15 % Change U&D Revenues $
234,939 $ 194,041 -17.4% U&D Expenses - Direct (302,459 )
(254,778 ) -15.8% U&D Expenses - Indirect (51,675 )
(55,944 ) 8.3% Net Distribution (Costs)
($119,195 ) ($116,681 ) -2.1%
Advisors Channel U&D Revenues $ 443,739 $ 469,957 5.9%
U&D Expenses - Direct (313,495 ) (335,032 ) 6.9% U&D
Expenses - Indirect (115,698 ) (124,027 )
7.2% Net Distribution Excess $ 14,546 $ 10,898
-25.1%
Changes in
Assets Under Management Year Ended (Amounts in millions)
Dec-14 Dec-15 % Change
Wholesale Channel Beginning assets $ 67,055 $ 60,335
-10.0% Sales* 18,534 12,218 -34.1% Redemptions (23,524 ) (23,686 )
0.7% Net Exchanges (101 ) 809
N/M
Net flows (5,091 ) (10,659 ) 109.4% Market action
(1,629 ) (4,035 ) -147.7% Ending assets $
60,335 $ 45,641 -24.4%
Advisors Channel Beginning assets $ 43,667 $ 45,517 4.2%
Sales* 5,545 5,073 -8.5% Redemptions (4,575 ) (5,044 ) 10.3% Net
Exchanges (384 ) (809 ) N/M
Net
flows 586 (780 ) N/M Market action 1,264
(1,393 ) N/M Ending assets $ 45,517 $
43,344 -4.8%
Institutional Channel
Beginning assets $ 15,821 $ 17,798 12.5% Sales* 3,392 2,743 -19.1%
Redemptions (2,920 ) (5,081 ) 74.0% Net Exchanges 485
- N/M
Net flows 957 (2,338 ) N/M
Market action 1,020 (46 ) N/M
Ending assets $ 17,798 $ 15,414 -13.4%
Consolidated Total Beginning assets $ 126,543 $
123,650 -2.3% Sales* 27,471 20,034 -27.1% Redemptions (31,019 )
(33,811 ) 9.0% Net Exchanges - -
N/M
Net flows (3,548 ) (13,777 ) 288.3% Market action
655 (5,474 ) N/M Ending assets $
123,650 $ 104,399 -15.6%
* Sales is primarily gross sales (net of sales commissions). This
amount also includes net reinvested dividends & capital gains
and investment income.
Earnings Conference Call
Stockholders, members of the investment community and the
general public are invited to listen to a live Web cast of
our earnings release conference call today at 10:00 a.m.
Eastern. During this call, Henry J. Herrmann, Chairman and CEO,
will review our quarterly results. Live access to the
teleconference will be available on the “Investor Relations”
section of our Web site at www.waddell.com. A Web cast replay will
be made available shortly after the conclusion of the call and
accessible for seven days.
Web Site Resources
We invite you to visit the “Investor Relations” section of our
Web site at www.waddell.com under the caption “Data Tables” to
review supplemental information schedules.
Contacts
Investor Contact:Nicole Russell,
VP, Investor Relations, (913) 236-1880, nrussell@waddell.com
Mutual Fund Investor Contact:Call
(888) WADDELL, or visit www.waddell.com or www.ivyfunds.com.Past
performance is no guarantee of future results. Please invest
carefully.
About the Company
Waddell & Reed, Inc., founded in 1937, is one of the oldest
mutual fund complexes in the United States, having introduced the
Waddell & Reed Advisors Group of Mutual Funds in 1940. Today,
we distribute our investment products through the Waddell &
Reed Wholesale channel (encompassing broker/dealer, retirement, and
registered investment advisors), our Advisors channel (our network
of financial advisors), and our Institutional channel (including
defined benefit plans, pension plans and endowments, and our
subadvisory partnership with Mackenzie in Canada).
Through its subsidiaries, Waddell & Reed Financial, Inc.
provides investment management and financial planning services to
clients throughout the United States and internationally. Waddell
& Reed Investment Management Company serves as investment
advisor to the Waddell & Reed Advisors Group of Mutual Funds,
Ivy Funds Variable Insurance Portfolios and InvestEd Portfolios,
while Ivy Investment Management Company serves as investment
advisor to Ivy Funds and investment advisor and global distributor
to the Ivy Global Investors Fund SICAV, an umbrella UCITS fund
range domiciled in Luxembourg. Waddell & Reed, Inc. serves as
principal underwriter and distributor to the Waddell & Reed
Advisors Group of Mutual Funds, Ivy Funds Variable Insurance
Portfolios and InvestEd Portfolios, while Ivy Funds Distributor,
Inc. serves as principal underwriter and distributor to Ivy
Funds.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which reflect the current views and assumptions of
management with respect to future events regarding our business and
industry in general. These forward-looking statements include all
statements, other than statements of historical fact, regarding our
financial position, business strategy and other plans and
objectives for future operations, including statements with respect
to revenues and earnings, the amount and composition of assets
under management, distribution sources, expense levels, redemption
rates and the financial markets and other conditions. These
statements are generally identified by the use of such words as
"may," "could," "should," "would," "believe," "anticipate,"
"forecast," "estimate," "expect," "intend," "plan," "project,"
"outlook," "will," "potential" and similar statements of a future
or forward-looking nature. Readers are cautioned that any
forward-looking information provided by us or on our behalf is not
a guarantee of future performance. Actual results may differ
materially from those contained in these forward-looking statements
as a result of various factors, including but not limited to those
discussed below. If one or more events related to these or other
risks, contingencies or uncertainties materialize, or if our
underlying assumptions prove to be incorrect, actual results may
differ materially from those forecasted or expected. Certain
important factors that could cause actual results to differ
materially from our expectations are disclosed in the "Risk
Factors" section of our Annual Report on Form 10-K for the year
ended December 31, 2014, which include, without limitation:
- The loss of existing distribution
channels or inability to access new distribution channels;
- A reduction in assets under our
management on short notice, through increased redemptions in our
distribution channels or our Funds, particularly those Funds with a
high concentration of assets, or investors terminating their
relationship with us or shifting their funds to other types of
accounts with different rate structures;
- The adverse ruling or resolution of any
litigation, regulatory investigations and proceedings, or
securities arbitrations by a federal or state court or regulatory
body;
- The introduction of legislative or
regulatory proposals or judicial rulings that change the
independent contractor classification of our financial advisors at
the federal or state level for employment tax or other employee
benefit purposes;
- A decline in the securities markets or
in the relative investment performance of our Funds and other
investment portfolios and products as compared to competing
funds;
- The ability of mutual fund and other
investors to redeem their investments without prior notice or on
short notice;
- Non-compliance with applicable laws or
regulations and changes in current legal, regulatory, accounting,
tax or compliance requirements or governmental policies;
- Our inability to attract and retain
senior executive management and other key personnel to conduct our
broker/dealer, fund management and investment advisory
business;
- A failure in, or breach of, our
operational or security systems or our technology infrastructure,
or those of third parties on which we rely; and
- Our inability to implement new
information technology and systems, or our inability to complete
such implementation in a timely or cost effective manner.
The foregoing factors should not be construed as exhaustive and
should be read together with other cautionary statements included
in this and other reports and filings we make with the Securities
and Exchange Commission, including the information in Item 1
"Business" and Item 1A "Risk Factors" of Part I and Item 7
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" of Part II to our Annual Report on Form 10-K
for the year ended December 31, 2014 and as updated in our
quarterly reports on Form 10-Q for the year ending December 31,
2015. All forward-looking statements speak only as of the date on
which they are made and we undertake no duty to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except to the extent
required by law.
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Waddell & Reed Financial, Inc.Investor Contact:Nicole Russell, 913-236-1880VP,
Investor Relationsnrussell@waddell.comorMutual
Fund Investor
Contact:888-WADDELLwww.waddell.comwww.ivyfunds.com
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