Macquarie Acquisition of Waddell & Reed 2021 Transaction

Macquarie Group and LPL Financial announced a joint acquisition of Waddell & Reed Financial for approximately $1.7 billion. The transaction includes a strategic distribution partnership between Macquarie Asset Management (MAM) and LPL, with MAM retaining Waddell & Reed's asset management business (~$68b AUM) and LPL acquiring the wealth management platform (~$63b AUA). The combination aims to create a top-25 actively managed mutual fund manager in the US with increased scale and diversification across asset classes.