September 23, 2023

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

7 min read

Macquarie to obtain Waddell & Reed Economic, Inc. and on closing market

Waddell & Reed
to LPL Fiscal for $

Lengthy-term partnership amongst LPL Economic and Macquarie will give existing

Waddell & Reed
and purchasers
with continuity,
as well as extended-phrase possibilities
as a result of partnership
with a foremost intercontinental asset supervisor

SAN DIEGO, Dec. 02, 2020 (World NEWSWIRE) — LPL Economical Holdings Inc. (Nasdaq: LPLA) (“LPL Financial” or “LPL”), a primary U.S. retail expenditure advisory company, impartial broker-seller, and registered expenditure advisor (RIA) custodian, nowadays introduced it has entered into an settlement with Macquarie Asset Administration (“Macquarie”), the asset management division of Macquarie Team (ASX: MQG ADR: MQBKY), to get the prosperity management business of Waddell & Reed Economic, Inc. (NYSE: WDR) (“Waddell & Reed”), on completion of Macquarie’s acquisition of all of the issued and exceptional common shares of Waddell & Reed. Also, LPL and Macquarie have agreed to enter into a extensive-phrase partnership, with Macquarie getting one of LPL’s best tier strategic asset administration associates.

By its subsidiaries, Waddell & Reed has presented financial investment management and prosperity management solutions to consumers in the course of the U.S. since 1937. Right now, financial commitment items are distributed below the Ivy Investments ® manufacturer, as nicely as by means of impartial fiscal advisors associated with Waddell & Reed, Inc. As of September 30, 2020, Waddell & Reed’s prosperity administration organization had assets beneath administration of roughly $63 billion, up 10% yr-above-yr.

Dan Arnold, President and Main Government Officer of LPL Economical reported: “Waddell & Reed advisors are highly professional and very well-respected throughout the sector. They are a fantastic suit the two culturally and strategically, and we welcome them to the LPL family. Seeking ahead, we count on our abilities and assets will advantage their methods and support them unlock extra worth and progress. Also, we look ahead to deepening our long-phrase partnership with Macquarie, which will help us protect distinctive elements of the Waddell & Reed advisor encounter although also positioning us to investigate added lengthy-time period alternatives with each other.”

Philip J. Sanders, Main Govt Officer of Waddell & Reed, said: “Over the past several several years, we have been concentrated on leveraging our potent heritage as the basis for reworking our company into a more diversified and progress-oriented economic services business. The prolonged-expression partnership concerning LPL and Macquarie as portion of this transaction accelerates that transformation and finally will profit our consumers and independent economic advisors while offering sizeable value to our stockholders.”

Martin Stanley, Head of Macquarie Asset Administration, stated: “The addition of Waddell & Reed Economical and our enhanced partnership with LPL will significantly maximize our means to improve and commit in our combined company for the advantage of our shoppers. Ivy Investments’ complementary investment capabilities will deliver diversification to Macquarie Asset Management’s capabilities and consumer foundation. The thing to consider supplied reflects the excellent of Waddell & Reed’s business enterprise and the foreseeable future gains of our partnership with LPL.”

Shawn Lytle, President of Delaware Resources by Macquarie and Head of Macquarie Team in the Americas, additional: “This transaction is an vital move forward in our progress tactic for Delaware Cash by Macquarie. The acquisition of Waddell & Reed’s asset management business enterprise and our partnership with LPL significantly strengthens our place as a best 25(1) US actively managed, long-expression, open up-ended mutual fund manager throughout equities, set income and multi asset solutions.”

The transaction has been permitted by the Boards of Directors of LPL Economic, Macquarie Group, and Waddell & Reed and is expected to near in the center of 2021, subject matter to regulatory approvals, Waddell & Reed stockholder approval, and other customary closing disorders.

LPL Monetary posted an investor presentation with an overview of the transaction on its Investor Relations web page at

Centerview Companions LLC served as exceptional financial advisor and Ropes & Gray LLP served as exceptional authorized advisor to LPL in connection with the transaction.

About LPL Economical
LPL Economical ( ) is a leader in the retail monetary advice industry, the nation’s major impartial broker/supplier(+) and a leading custodian (or service provider of custodial providers) to RIAs. We provide independent money advisors and economical establishments, giving them with the engineering, analysis, clearing and compliance companies, and exercise management packages they have to have to create and expand flourishing techniques. LPL allows them to supply objective direction to millions of American families seeking prosperity administration, retirement arranging, economic arranging and asset management solutions.

(+)Based mostly on overall revenues, Financial Planning magazine June 1996-2020.

Securities and Advisory Products and services supplied by way of LPL Fiscal LLC, a Registered Investment Advisor. Member FINRA/SIPC. We routinely disclose information that could be significant to shareholders in the “Investor Relations” or “Press Releases” area of our web site.

About Waddell & Reed Financial
Through its subsidiaries, Waddell & Reed Money, Inc. has furnished investment management and prosperity management companies to customers in the course of the United States since 1937. Right now, Waddell & Reed Monetary distributes its expense solutions by the unaffiliated channel beneath the Ivy Investments® model (encompassing broker/dealer, retirement, and registered financial commitment advisors), its prosperity management channel (by unbiased monetary advisors connected with Waddell & Reed, Inc.), and its institutional channel (such as described gain plans, pension strategies, endowments and subadvisory interactions). For extra information and facts, take a look at

About Macquarie Asset Administration
Macquarie Asset Management (MAM) is Macquarie’s asset administration business. MAM is a comprehensive-company asset supervisor, supplying investment decision remedies to purchasers throughout a vary of abilities including infrastructure & renewables, actual estate, agriculture, transportation finance, personal credit score, equities, preset profits, and multi-asset methods. As of September 30, 2020, MAM had $A554.9 billion of belongings beneath management. MAM has above 1,900 team running across 20 markets in Australia, the Americas, Europe and Asia. MAM has been running belongings for institutional and retail traders considering the fact that 1980 in Australia and 1929 in the US, by a predecessor company, previously identified as Delaware Investments.

(1) Source: Property underneath administration as of Sept. 30 – Primarily based on facts represented in Strategic Perception and Morningstar. Facts contains ICI Strategy of Income: Salesforce, Institutional and Retirement. Facts excludes Variable Coverage Solutions, Shut Conclude Cash, ETFs, passive mutual resources, Income Current market Cash, Delaware Pooled Trusts, and Ideal Funds.

Forward-Wanting Statements
Statements in this press release about LPL Financial Holdings Inc. (jointly with its subsidiaries, like LPL Money LLC, the “Company” or “LPL Financial”) and its prospective advancement, small business approach and programs, such as the envisioned positive aspects of Macquarie Group’s acquisition of Waddell & Reed Money, Inc. (together with its subsidiaries, “Waddell & Reed”) and LPL Financial’s acquisition of Waddell & Reed’s prosperity administration small business and partnership with Macquarie Team, as perfectly as any other statements that are not related to current info or current disorders or that are not purely historical, represent forward-searching statements. These forward-on the lookout statements are primarily based on the historical functionality of the Business and Waddell & Reed and the Company’s ideas, estimates and anticipations as of December 2, 2020. Ahead-hunting statements are not ensures that the potential outcomes, strategies, intentions or expectations expressed or implied by the Enterprise will be achieved. Matters subject to ahead-wanting statements include recognized and unknown challenges and uncertainties, such as financial, legislative, regulatory, aggressive and other aspects, which might cause degrees of assets serviced, genuine money or operating outcomes, concentrations of action or the timing of gatherings to be materially unique than those people expressed or implied by forward-wanting statements. In particular, the Firm can provide no assurance that the assets described as serviced by fiscal advisors affiliated with Waddell & Reed (“Waddell & Reed Advisors”) will translate into belongings serviced by LPL Economical, that Waddell & Reed Advisors will be a part of LPL Financial, or that the benefits that are anticipated to accrue to LPL Economic, Waddell & Reed, Macquarie Team and their respective advisors and stockholders as a outcome of the transactions described herein will materialize. Vital factors that could induce or lead to these types of dissimilarities consist of: failure of the functions to satisfy the closing conditions relevant to the acquisitions described herein in a timely manner or at all, such as the completion of the acquisition of Waddell & Reed by Macquarie Group, acquiring the required stockholder and regulatory approvals, and the retention by Waddell & Reed of minimum assets prior to closing disruptions to the parties’ companies as a consequence of the announcement and pendency of the transactions, problems and delays in recruiting Waddell & Reed Advisors or onboarding the clientele or organizations of Waddell & Reed Advisors the incapability by the Corporation to maintain profits and earnings expansion or to totally know revenue or cost synergies or the other anticipated benefits of the transactions, which depend in component on the Company’s accomplishment in onboarding assets at this time served by Waddell & Reed Advisors disruptions of the Company’s or Waddell & Reed’s company because of to transaction-connected uncertainty or other things earning it additional challenging to manage associations with its monetary advisors and their shoppers, staff members, other company associates or governmental entities the incapacity to employ onboarding plans and other penalties linked with acquisitions the preference by clientele of Waddell & Reed Advisors not to open brokerage and/or advisory accounts at LPL Financial or move their property from Waddell & Reed to LPL Financial unforeseen liabilities arising from the acquisition of Waddell & Reed’s prosperity administration subsidiaries variations in standard economic and money current market circumstances, including retail investor sentiment fluctuations in the value of belongings less than custody effects of levels of competition in the economical companies sector, together with competitors’ achievements in recruiting Waddell & Reed Advisors and the other aspects set forth in Portion I, “Item 1A. Threat Factors” in the Company’s 2019 Once-a-year Report on Kind 10-K and any subsequent SEC filing. Besides as necessary by law, the Firm especially disclaims any obligation to update any ahead-seeking statements as a final result of developments transpiring following the day of this push release, even if its estimates transform, and you need to not count on all those statements as symbolizing the Company’s sights as of any day subsequent to the day of December 2, 2020.

Trader Relations:
Chris Koegel
[email protected]

Media Relations:
Jeffrey Mochal
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