The Ivy Funds
' parent swung from a small net loss to a net gain in the past year. On Thursday Waddell & Reed Financial revealed
net income of $33.3 million in the fourth quarter of 2009, down slightly from $33.4 million in net income in Q3 2009 and up from a $0.7 million net loss in Q4 2008. (Reuters
' Archana Shankar reports
that, "excluding the effects of sale of a unit, the company earned 37 cents a share," missing estimates by a penny.)
Meanwhile, the Overland Park, Kansas-based mutual fund firm's assets ballooned to $69.783 billion on December 31, 2009, buoyed by $9.265 billion in net inflows for the year. For Q4, Waddell's advisor channel brought in $86 million in net flows, the wholesale channel brought in $2.589 billion and the institutional channel brought in $6 million.
Neil Anderson, Managing Editor
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