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Macquarie finalises Waddell & Reed acquisition

Macquarie Asset Management has completed the acquisition of NYSE-listed Waddell & Reed Financial.

Overall, Macquarie paid $2.3 billion for Waddell & Reed Financial, an asset management and financial planning company based in Kansas, flagging the acquisition in late 2020.

In finalising the acquisition, MAM has also sold off Waddell & Reed's wealth business to LPL Financial, a retail investment advisory firm, broker-dealer and registered investment advisor custodian, for US$300 million.

Some 900 Waddell & Reed advisers have joined LPL. LPL expects to onboard the advisers over the next few months.

MAM will retain Waddell & Reed's asset management business Ivy Investments, which has about $US76 billion in assets under management.

LPL Financial chief executive Dan Arnold said: "Waddell & Reed advisers are seasoned and well-regarded throughout the industry and are a strong cultural and strategic fit with us."

"We look forward to supporting them with our comprehensive platform that helps them design and operate the perfect practice for them and their clients. Waddell & Reed and Macquarie have been strong partners throughout the process, and we look forward to our ongoing collaboration," he said.

Read more: LPL FinancialMacquarie Asset ManagementDan ArnoldIvy InvestmentsKansas