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S&P ups Waddell & Reed
S&P said it raised its long-term issuer credit rating on Waddell & Reed Financial Inc. to BBB from BBB-
Macquarie Group Ltd. completed its acquisition of Waddell & Reed on April 30.
“We expect WDR to remain a legally separate entity under Macquarie Management Holdings Inc. but to be functionally integrated into Macquarie's asset management segment in terms of operations, reporting, and branding (as Delaware Ivy). Macquarie's asset management segment contributed about 40% of the group's net profit in 2020 and diversifies the group's revenue sources. We therefore think that WDR is unlikely to be divested and that Macquarie would support WDR in some circumstances,” S&P said in a press release.
The outlook is stable.
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