Earnings soared 48 percent in the fourth quarter at Waddell & Reed Financial Inc., the Overland Park-based company said.
By MARK DAVIS
The Kansas City Star
Waddell & Reed earned $78.8 million, or 92 cents a share, in the last three months of 2013. A year earlier, the money management company earned $53.3 million in the quarter, or 62 cents a share.
Revenue in the quarter reached $375 million, compared with $303 million a year earlier.
“Fourth-quarter and full-year results marked a number of new records for our firm,” chief executive Hank Herrmann said in the company’s announcement.
Assets in mutual funds and other accounts the company manages for clients totaled $127 billion at the end of December, up 11 percent in the fourth quarter. Waddell & Reed said the increase reflected the rising stock market as well as “solid inflows across asset classes.”
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