SAN DIEGO, April 30, 2021 (GLOBE NEWSWIRE) — LPL Monetary Holdings Inc. (Nasdaq: LPLA) (the “Firm”), the mother or father company of LPL Financial LLC, a number one platform supplier and associate to monetary advisors, immediately introduced the closing of its acquisition of the wealth administration enterprise of Waddell & Reed Monetary, Inc. (“Waddell & Reed”) from Macquarie Administration Holdings, Inc. (“Macquarie”), part of the asset administration division of Macquarie Group (ASX: MQG; ADR: MQBKY), for a purchase order worth of roughly $300M. Over 900 Waddell & Reed advisors have dedicated to hitch LPL’s platform. Collectively, the advisors serve roughly 95% of the $71B of shopper property comprising Waddell & Reed’s wealth administration enterprise, reported as of March 31, 2021. LPL expects to onboard the advisors within the subsequent few months.
LPL Monetary President and Chief Government Officer Dan Arnold mentioned, “Waddell & Reed advisors are seasoned and well-regarded all through the trade and are a powerful cultural and strategic match with us. We stay up for supporting them with our complete platform that helps them design and function the right follow for them and their shoppers. Waddell & Reed and Macquarie have been robust companions all through the method, and we stay up for our ongoing collaboration.”
Shawn Lytle, President of Delaware Funds® by Macquarie and Head of Macquarie Group within the Americas, mentioned, “We couldn’t have discovered a greater associate to work with than LPL. Collectively, we welcome the Ivy Funds shareholders to the Delaware Funds by Macquarie mutual fund household. We intend to ship an distinctive shopper expertise for each Waddell & Reed and LPL advisors and their shoppers as we search to ship funding excellence by means of an expanded set of capabilities throughout asset lessons.”
About LPL Monetary
LPL Monetary (Nasdaq: LPLA) was based on the precept that the agency ought to work for the advisor, and never the opposite manner round. As we speak, LPL is a pacesetter* within the markets we serve, supporting greater than 18,000 monetary advisors, 800 institution-based funding packages and 450 unbiased RIA companies nationwide. We’re steadfast in our dedication to the advisor-centered mannequin and the idea that Individuals deserve entry to goal steerage from a monetary advisor. At LPL, independence signifies that advisors have the liberty they deserve to decide on the enterprise mannequin, companies, and know-how sources that permit them to run their excellent follow. They usually have the liberty to handle their shopper relationships, as a result of they know their shoppers greatest. Merely put, we care for our advisors, to allow them to care for their shoppers.
*High RIA custodian (Cerulli Associates, 2019 U.S. RIA Market Report)
No. 1 Impartial Dealer-Supplier within the U.S (Primarily based on complete revenues, Monetary Planning journal June 1996-2020)
No. 1 supplier of third-party brokerage companies to banks and credit score unions (2019-2020 Kehrer Bielan Analysis & Consulting Annual TPM Report)
Securities and Advisory companies provided by means of LPL Monetary LLC, a registered funding advisor. Member FINRA/SIPC. We routinely disclose info which may be vital to shareholders within the “Investor Relations” or “Press Releases” part of our web site.
About Macquarie Asset Administration
Macquarie Asset Administration (MAM) is a specialist world asset supervisor, offering funding options throughout a variety of capabilities together with infrastructure & renewables, actual property, agriculture, asset finance, non-public credit score, equities, mounted revenue and multi-asset options.
As at 31 December 2020, MAM had $A550.9 billion of property beneath administration and over 1,900 workers working throughout 20 markets in Australia, the Americas, Europe and Asia.
MAM has been managing property for institutional and retail traders since 1980 in Australia and in america, retail traders acknowledge Delaware Funds® by Macquarie household of funds as one of many longest standing mutual fund households, with greater than 80 years in existence.
Statements on this press launch concerning LPL Monetary Holdings Inc. (along with its subsidiaries, together with LPL Monetary LLC, the “Firm” or “LPL Monetary”) and its potential progress, enterprise technique and plans, together with the anticipated advantages of LPL Monetary’s acquisition of the wealth administration enterprise of Waddell & Reed Monetary, Inc. (“Waddell & Reed”), the onboarding to LPL Monetary’s platform of economic advisors affiliated with Waddell & Reed (“Waddell & Reed Advisors”) and shopper property serviced by Waddell & Reed Advisors, and the Firm’s collaboration with Macquarie, in addition to every other statements that aren’t associated to current info or present situations or that aren’t purely historic, represent forward-looking statements. These forward-looking statements are based mostly on the historic efficiency of the Firm and Waddell & Reed and the Firm’s plans, estimates and expectations as of April 30, 2021. Ahead-looking statements aren’t ensures that the long run outcomes, plans, intentions or expectations expressed or implied by the Firm will likely be achieved. Issues topic to forward-looking statements contain identified and unknown dangers and uncertainties, together with financial, legislative, regulatory, aggressive and different elements, which can trigger ranges of shopper property serviced or transitioned to LPL Monetary’s platform, or precise monetary or working outcomes, ranges of exercise or the timing of occasions, to be materially completely different from these expressed or implied by forward-looking statements. Specifically, the Firm can present no assurance that the shopper property reported as serviced by Waddell & Reed Advisors will translate into property serviced by LPL Monetary, that Waddell & Reed Advisors will be a part of LPL Monetary, or that the advantages which can be anticipated to accrue to LPL Monetary and its advisors and stockholders on account of the transactions described herein will materialize. Necessary elements that might trigger or contribute to such variations embrace: difficulties and delays in onboarding the Waddell & Reed Advisors or shopper property of Waddell & Reed Advisors; the shortcoming of the Firm to totally notice income or expense synergies or the opposite anticipated advantages of the acquisition of Waddell & Reed’s wealth administration enterprise, which rely partly on the Firm’s success in onboarding property at the moment served by Waddell & Reed Advisors; disruptions of the Firm’s or Waddell & Reed’s enterprise as a consequence of transaction-related uncertainty or different elements making it harder to take care of relationships with its monetary advisors and their clients- the selection by shoppers of Waddell & Reed Advisors to not open brokerage and/or advisory accounts at LPL Monetary or transfer their property from Waddell & Reed to LPL Monetary; unexpected liabilities arising from the acquisition of Waddell & Reed’s wealth administration subsidiaries; modifications normally financial and monetary market situations, together with retail investor sentiment; fluctuations within the worth of property beneath custody; results of competitors within the monetary companies trade, together with opponents’ success in recruiting Waddell & Reed Advisors; and the opposite elements set forth in Half I, “Merchandise 1A. Danger Elements” within the Firm’s 2020 Annual Report on Kind 10-Okay and any subsequent SEC submitting. Besides as required by regulation, the Firm particularly disclaims any obligation to replace any forward-looking statements on account of developments occurring after the date of this press launch, even when its estimates change, and you shouldn’t depend on these statements as representing the Firm’s views as of any date subsequent to the date of April 30, 2021.
Investor Relations – Chris Koegel, (617) 897-4574
Media Relations – Lauren Hoyt-Williams, (813) 351-9203