KANSAS CITY, Mo. — The Australian financial company that bought Kansas City-based Waddell & Reed announced Friday that it has completed the $1.7-billion acquisition.
Macquarie Asset Management spun off Waddell & Reed’s wealth management platform to LPL Financial Holdings as part of the deal.
With the addition of Waddell & Reed’s roughly $76 billion in assets under management, Macquarie becomes one of the 20 largest U.S. mutual fund managers.
The move allows Macquarie to pair its signature mutual fund, Delaware Funds, with Waddell & Reed’s Ivy Funds.
The sale of Waddell & Reed originally was announced in December and came barely 18 months after the financial company announced plans to move its Overland Park headquarters to downtown Kansas City, Missouri.