KANSAS CITY, Mo. — Macquarie Asset Management has acquired Overland Park-based Waddell & Reed for $1.7 billion.
Once the acquisition is complete, Macquarie will sell Waddell & Reed’s wealth management platform to LPL Financial Holdings and “enter into a long-term partnership with Macquarie becoming one of LPL’s top tier strategic asset management partners,” according to a news release.
“The long-term partnership between Macquarie and LPL as part of this transaction accelerates that transformation and ultimately will benefit our clients and independent financial advisors while delivering significant value to our stockholders,” Philip J. Sanders, Waddell & Reed’s chief executive officer, said in the release.
The transaction is expected to be completed by mid-2021.