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LPL Money to Obtain Waddell & Reed’s Prosperity Management Enterprise and Enter Into …

7 min read

Macquarie to purchase Waddell & Reed Money, Inc. and upon closing promote

Waddell & Reed
to LPL Economic for $

Lengthy-term partnership concerning LPL Monetary and Macquarie will offer existing

Waddell & Reed
and shoppers
with continuity,
as effectively as for a longer time-phrase possibilities
by way of partnership
with a leading global asset manager

SAN DIEGO, Dec. 02, 2020 (World NEWSWIRE) — LPL Monetary Holdings Inc. (Nasdaq: LPLA) (“LPL Financial” or “LPL”), a primary U.S. retail financial commitment advisory firm, impartial broker-vendor, and registered financial commitment advisor (RIA) custodian, right now introduced it has entered into an agreement with Macquarie Asset Management (“Macquarie”), the asset administration division of Macquarie Group (ASX: MQG ADR: MQBKY), to get the wealth management enterprise of Waddell & Reed Economical, Inc. (NYSE: WDR) (“Waddell & Reed”), on completion of Macquarie’s acquisition of all of the issued and exceptional frequent shares of Waddell & Reed. On top of that, LPL and Macquarie have agreed to enter into a long-expression partnership, with Macquarie turning into a person of LPL’s best tier strategic asset management partners.

By means of its subsidiaries, Waddell & Reed has delivered investment decision management and prosperity management providers to shoppers during the U.S. given that 1937. Nowadays, financial commitment products and solutions are dispersed below the Ivy Investments ® model, as perfectly as by means of impartial money advisors affiliated with Waddell & Reed, Inc. As of September 30, 2020, Waddell & Reed’s wealth management enterprise experienced property under administration of close to $63 billion, up 10% 12 months-around-12 months.

Dan Arnold, President and Main Executive Officer of LPL Economical mentioned: “Waddell & Reed advisors are very knowledgeable and nicely-highly regarded throughout the sector. They are a terrific in shape each culturally and strategically, and we welcome them to the LPL spouse and children. Seeking in advance, we hope our abilities and resources will profit their methods and aid them unlock added price and advancement. Furthermore, we look ahead to deepening our prolonged-time period partnership with Macquarie, which will support us protect exclusive facets of the Waddell & Reed advisor encounter while also positioning us to investigate further extensive-term possibilities collectively.”

Philip J. Sanders, Chief Govt Officer of Waddell & Reed, claimed: “Over the past several many years, we have been centered on leveraging our strong heritage as the basis for reworking our organization into a additional diversified and development-oriented fiscal companies business. The prolonged-time period partnership involving LPL and Macquarie as part of this transaction accelerates that transformation and in the long run will reward our purchasers and independent fiscal advisors even though providing substantial worth to our stockholders.”

Martin Stanley, Head of Macquarie Asset Management, claimed: “The addition of Waddell & Reed Monetary and our enhanced partnership with LPL will drastically improve our capacity to increase and invest in our merged company for the gain of our customers. Ivy Investments’ complementary expense capabilities will present diversification to Macquarie Asset Management’s capabilities and shopper foundation. The thing to consider available displays the good quality of Waddell & Reed’s enterprise and the potential rewards of our partnership with LPL.”

Shawn Lytle, President of Delaware Funds by Macquarie and Head of Macquarie Group in the Americas, included: “This transaction is an vital move forward in our development system for Delaware Cash by Macquarie. The acquisition of Waddell & Reed’s asset administration organization and our partnership with LPL considerably strengthens our position as a best 25(1) US actively managed, prolonged-phrase, open up-finished mutual fund supervisor throughout equities, set income and multi asset options.”

The transaction has been accredited by the Boards of Directors of LPL Economical, Macquarie Team, and Waddell & Reed and is predicted to close in the center of 2021, subject to regulatory approvals, Waddell & Reed stockholder acceptance, and other customary closing situations.

LPL Monetary posted an investor presentation with an overview of the transaction on its Investor Relations webpage at trader.lpl.com.

Centerview Partners LLC served as exceptional money advisor and Ropes & Grey LLP served as special legal advisor to LPL in relationship with the transaction.

About LPL Financial
LPL Money ( https://www.lpl.com ) is a leader in the retail economic advice market, the nation’s major impartial broker/vendor(+) and a leading custodian (or company of custodial solutions) to RIAs. We provide unbiased monetary advisors and money institutions, offering them with the technological know-how, exploration, clearing and compliance companies, and practice management applications they require to develop and improve thriving procedures. LPL enables them to deliver goal steerage to millions of American families searching for wealth administration, retirement organizing, fiscal preparing and asset management remedies.

(+)Primarily based on full revenues, Financial Planning magazine June 1996-2020.

Securities and Advisory Companies available via LPL Money LLC, a Registered Investment decision Advisor. Member FINRA/SIPC. We routinely disclose information and facts that may possibly be crucial to shareholders in the “Investor Relations” or “Press Releases” part of our internet site.

About Waddell & Reed Economical
By its subsidiaries, Waddell & Reed Monetary, Inc. has presented financial commitment management and prosperity administration services to shoppers through the United States considering the fact that 1937. Today, Waddell & Reed Economic distributes its financial commitment merchandise by way of the unaffiliated channel under the Ivy Investments® brand (encompassing broker/dealer, retirement, and registered expenditure advisors), its prosperity administration channel (through unbiased fiscal advisors linked with Waddell & Reed, Inc.), and its institutional channel (together with outlined reward designs, pension plans, endowments and subadvisory relationships). For extra data, pay a visit to ir.waddell.com.

About Macquarie Asset Management
Macquarie Asset Administration (MAM) is Macquarie’s asset management organization. MAM is a comprehensive-support asset supervisor, supplying financial investment remedies to consumers across a range of capabilities together with infrastructure & renewables, serious estate, agriculture, transportation finance, personal credit rating, equities, mounted profits, and multi-asset solutions. As of September 30, 2020, MAM had $A554.9 billion of property below administration. MAM has above 1,900 staff members running across 20 markets in Australia, the Americas, Europe and Asia. MAM has been controlling belongings for institutional and retail traders given that 1980 in Australia and 1929 in the US, by a predecessor company, formerly recognized as Delaware Investments.

(1) Supply: Assets below administration as of Sept. 30 – Based mostly on info represented in Strategic Perception and Morningstar. Knowledge includes ICI Approach of Sales: Salesforce, Institutional and Retirement. Details excludes Variable Insurance coverage Merchandise, Closed Conclude Resources, ETFs, passive mutual resources, Funds Industry Resources, Delaware Pooled Trusts, and The best possible Funds.

Ahead-Wanting Statements
Statements in this push release regarding LPL Monetary Holdings Inc. (alongside one another with its subsidiaries, such as LPL Money LLC, the “Company” or “LPL Financial”) and its opportunity advancement, business system and options, together with the envisioned added benefits of Macquarie Group’s acquisition of Waddell & Reed Fiscal, Inc. (collectively with its subsidiaries, “Waddell & Reed”) and LPL Financial’s acquisition of Waddell & Reed’s wealth management business and partnership with Macquarie Team, as perfectly as any other statements that are not associated to existing points or present conditions or that are not purely historic, constitute ahead-looking statements. These ahead-wanting statements are primarily based on the historical functionality of the Firm and Waddell & Reed and the Company’s plans, estimates and anticipations as of December 2, 2020. Ahead-wanting statements are not assures that the long run effects, options, intentions or anticipations expressed or implied by the Company will be obtained. Matters matter to forward-on the lookout statements entail identified and unidentified dangers and uncertainties, such as financial, legislative, regulatory, aggressive and other variables, which may well trigger concentrations of property serviced, actual economical or running results, levels of exercise or the timing of gatherings to be materially distinctive than those expressed or implied by ahead-seeking statements. In unique, the Company can provide no assurance that the belongings documented as serviced by economical advisors affiliated with Waddell & Reed (“Waddell & Reed Advisors”) will translate into belongings serviced by LPL Monetary, that Waddell & Reed Advisors will sign up for LPL Monetary, or that the gains that are anticipated to accrue to LPL Economic, Waddell & Reed, Macquarie Group and their respective advisors and stockholders as a consequence of the transactions described herein will materialize. Essential aspects that could cause or contribute to these discrepancies include: failure of the functions to fulfill the closing situations relevant to the acquisitions described herein in a timely fashion or at all, which include the completion of the acquisition of Waddell & Reed by Macquarie Group, obtaining the required stockholder and regulatory approvals, and the retention by Waddell & Reed of least assets prior to closing disruptions to the parties’ companies as a final result of the announcement and pendency of the transactions, problems and delays in recruiting Waddell & Reed Advisors or onboarding the consumers or organizations of Waddell & Reed Advisors the incapacity by the Corporation to maintain revenue and earnings development or to thoroughly notice income or price synergies or the other predicted rewards of the transactions, which depend in section on the Company’s good results in onboarding assets currently served by Waddell & Reed Advisors disruptions of the Company’s or Waddell & Reed’s business because of to transaction-associated uncertainty or other components producing it extra difficult to manage associations with its monetary advisors and their consumers, personnel, other business associates or governmental entities the incapability to put into practice onboarding plans and other outcomes related with acquisitions the alternative by customers of Waddell & Reed Advisors not to open brokerage and/or advisory accounts at LPL Economical or transfer their assets from Waddell & Reed to LPL Economic unforeseen liabilities arising from the acquisition of Waddell & Reed’s prosperity administration subsidiaries improvements in typical financial and economical market place disorders, including retail investor sentiment fluctuations in the price of belongings beneath custody outcomes of competition in the money expert services field, which include competitors’ achievement in recruiting Waddell & Reed Advisors and the other components established forth in Element I, “Item 1A. Danger Factors” in the Company’s 2019 Yearly Report on Type 10-K and any subsequent SEC filing. Other than as expected by legislation, the Corporation specifically disclaims any obligation to update any forward-wanting statements as a outcome of developments taking place immediately after the date of this push release, even if its estimates modify, and you need to not count on those people statements as representing the Company’s views as of any day subsequent to the day of December 2, 2020.

Investor Relations:
Chris Koegel
[email protected]

Media Relations:
Jeffrey Mochal
[email protected]

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