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Australian company completes acquisition of Waddell & Reed

Posted at 7:16 PM, Apr 30, 2021

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.

The KCMO City Council approved a substantial package of incentives for the $140-million project, which Waddell & Reed is no longer expected to occupy.