Waddell & Reed reports higher quarterly profit and revenue

A healthy stock market helped Waddell & Reed Financial notch a higher first-quarter profit and revenue. Mutual fund assets under its management also reached a record.

The Overland Park company, which manages the Ivy Funds and other fund products, reported a profit of $74.9 million for the three months that ended March 31, up from $53.9 million for the same quarter in 2013.

Revenue climbed 23 percent to $390.4 million in the first quarter compared with the first three months last year.

Waddell & Reed also said assets under management rose 4 percent during the quarter to a record $131.4 billion.

“We continue to gain market share,” Hank Herrmann, Waddell & Reed’s chairman and chief executive officer, said in the earnings statement.

This story was originally published April 29, 2014 at 10:59 AM with the headline "Waddell & Reed reports higher quarterly profit and revenue."