LPL Fiscal Closes Acquisition of Waddell & Reed’s Wealth Management Business
SAN DIEGO, April 30, 2021 (World NEWSWIRE) — LPL Financial Holdings Inc. (Nasdaq: LPLA) (the “Company”), the dad or mum company of LPL Money LLC, a foremost platform service provider and spouse to monetary advisors, currently introduced the closing of its acquisition of the prosperity management small business of Waddell & Reed Fiscal, Inc. (“Waddell & Reed”) from Macquarie Administration Holdings, Inc. (“Macquarie”), a part of the asset management division of Macquarie Team (ASX: MQG ADR: MQBKY), for a purchase value of around $300M. More than 900 Waddell & Reed advisors have fully commited to be a part of LPL’s platform. Collectively, the advisors provide somewhere around 95% of the $71B of shopper belongings comprising Waddell & Reed’s prosperity management organization, described as of March 31, 2021. LPL expects to onboard the advisors in the up coming couple months.
LPL Economic President and Main Govt Officer Dan Arnold said, “Waddell & Reed advisors are seasoned and nicely-regarded all over the field and are a sturdy cultural and strategic match with us. We search ahead to supporting them with our in depth system that can help them design and style and run the ideal follow for them and their clients. Waddell & Reed and Macquarie have been solid associates during the process, and we seem ahead to our ongoing collaboration.”
Shawn Lytle, President of Delaware Funds® by Macquarie and Head of Macquarie Team in the Americas, explained, “We could not have identified a improved companion to perform with than LPL. Alongside one another, we welcome the Ivy Funds shareholders to the Delaware Resources by Macquarie mutual fund family. We intend to supply an fantastic client experience for each Waddell & Reed and LPL advisors and their clients as we seek to provide expense excellence by way of an expanded set of capabilities throughout asset lessons.”
About LPL Economic
LPL Financial (Nasdaq: LPLA) was started on the theory that the company ought to work for the advisor, and not the other way around. These days, LPL is a chief* in the markets we serve, supporting a lot more than 18,000 economic advisors, 800 institution-primarily based investment decision programs and 450 unbiased RIA corporations nationwide. We are steadfast in our dedication to the advisor-centered model and the perception that Us residents ought to have obtain to aim steerage from a economical advisor. At LPL, independence usually means that advisors have the freedom they are entitled to to decide on the business enterprise design, providers, and engineering methods that allow for them to operate their best exercise. And they have the freedom to handle their client relationships, due to the fact they know their clientele greatest. Basically set, we take care of our advisors, so they can acquire treatment of their customers.
*Top RIA custodian (Cerulli Associates, 2019 U.S. RIA Market Report)
No. 1 Unbiased Broker-Vendor in the U.S (Based on complete revenues, Money Organizing journal June 1996-2020)
No. 1 supplier of 3rd-social gathering brokerage companies to banking institutions and credit unions (2019-2020 Kehrer Bielan Investigation & Consulting Once-a-year TPM Report)
Securities and Advisory solutions offered through LPL Economical LLC, a registered financial commitment advisor. Member FINRA/SIPC. We routinely disclose facts that could be vital to shareholders in the “Investor Relations” or “Push Releases” part of our website.
About Macquarie Asset Management
Macquarie Asset Administration (MAM) is a specialist world-wide asset supervisor, providing investment solutions throughout a vary of abilities such as infrastructure & renewables, actual estate, agriculture, asset finance, non-public credit score, equities, set profits and multi-asset alternatives.
As at 31 December 2020, MAM experienced $A550.9 billion of property below administration and around 1,900 staff members functioning throughout 20 marketplaces in Australia, the Americas, Europe and Asia.
MAM has been controlling belongings for institutional and retail buyers because 1980 in Australia and in the United States, retail traders recognize Delaware Funds® by Macquarie family of resources as one of the longest standing mutual fund households, with more than 80 years in existence.
Ahead-On the lookout Statements
Statements in this press release with regards to LPL Fiscal Holdings Inc. (jointly with its subsidiaries, such as LPL Economical LLC, the “Company” or “LPL Financial”) and its likely development, business method and programs, including the envisioned added benefits of LPL Financial’s acquisition of the prosperity administration business of Waddell & Reed Financial, Inc. (“Waddell & Reed”), the onboarding to LPL Financial’s system of fiscal advisors affiliated with Waddell & Reed (“Waddell & Reed Advisors”) and customer property serviced by Waddell & Reed Advisors, and the Company’s collaboration with Macquarie, as perfectly as any other statements that are not associated to current details or latest situations or that are not purely historic, constitute ahead-looking statements. These forward-hunting statements are centered on the historical general performance of the Firm and Waddell & Reed and the Company’s options, estimates and expectations as of April 30, 2021. Forward-searching statements are not assures that the long run success, plans, intentions or anticipations expressed or implied by the Organization will be realized. Matters matter to forward-hunting statements contain recognized and unfamiliar hazards and uncertainties, like economic, legislative, regulatory, competitive and other factors, which may possibly lead to ranges of client belongings serviced or transitioned to LPL Financial’s system, or genuine money or functioning benefits, stages of activity or the timing of gatherings, to be materially various from these expressed or implied by forward-hunting statements. In unique, the Company can supply no assurance that the shopper assets noted as serviced by Waddell & Reed Advisors will translate into property serviced by LPL Fiscal, that Waddell & Reed Advisors will be a part of LPL Financial, or that the gains that are expected to accrue to LPL Financial and its advisors and stockholders as a result of the transactions explained herein will materialize. Crucial aspects that could induce or contribute to this sort of variations consist of: problems and delays in onboarding the Waddell & Reed Advisors or customer assets of Waddell & Reed Advisors the incapacity of the Enterprise to absolutely notice revenue or expenditure synergies or the other anticipated added benefits of the acquisition of Waddell & Reed’s wealth management company, which count in portion on the Company’s results in onboarding assets currently served by Waddell & Reed Advisors disruptions of the Company’s or Waddell & Reed’s small business due to transaction-connected uncertainty or other factors earning it much more tricky to maintain interactions with its fiscal advisors and their purchasers- the selection by consumers of Waddell & Reed Advisors not to open brokerage and/or advisory accounts at LPL Financial or move their assets from Waddell & Reed to LPL Fiscal unexpected liabilities arising from the acquisition of Waddell & Reed’s prosperity management subsidiaries improvements in basic financial and economic current market circumstances, like retail investor sentiment fluctuations in the benefit of belongings less than custody consequences of level of competition in the money expert services industry, like competitors’ results in recruiting Waddell & Reed Advisors and the other variables set forth in Part I, “Merchandise 1A. Risk Components” in the Company’s 2020 Yearly Report on Variety 10-K and any subsequent SEC filing. Except as essential by law, the Organization exclusively disclaims any obligation to update any ahead-searching statements as a result of developments happening following the day of this push release, even if its estimates change, and you must not rely on all those statements as representing the Firm’s sights as of any day subsequent to the day of April 30, 2021.
Investor Relations – Chris Koegel, (617) 897-4574
Media Relations – Lauren Hoyt-Williams, (813) 351-9203
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