NEW YORK–(BUSINESS WIRE)–Apr 30, 2021–
Macquarie Asset Management (MAM), the asset management division of Macquarie Group (ASX: MQG; ADR: MQBKY), today announced the completion of its acquisition of Waddell & Reed Financial, Inc. (NYSE: WDR), one of the oldest asset and wealth management companies in the United States.
Concurrent with the completion of the transaction, Macquarie sold WDR’s wealth management platform to LPL Financial Holdings Inc. (Nasdaq: LPLA), a leading US retail investment advisory firm, independent broker-dealer, and registered investment advisor custodian. In connection with this transaction, Macquarie and LPL have entered into a long-term partnership, with Macquarie becoming one of LPL’s top-tier strategic asset management partners.
Shawn Lytle, President of Delaware Funds ® by Macquarie and Head of Macquarie Group in the Americas, said, “We are pleased to welcome the Ivy Funds shareholders to the Delaware Funds by Macquarie. Both fund families have a shared focus on delivering strong investment results and an excellent client experience for all. This combination, along with our enhanced partnership with LPL, unlocks substantial value for Waddell & Reed advisors and their clients.”
LPL Financial President and Chief Executive Officer Dan Arnold said, “Waddell & Reed advisors are seasoned and well-regarded throughout the…