AllAnalyst Report
logoMorningstarDecember 03, 2020

Waddell & Reed Financial, Inc.: Lifting Waddell & Reed's FVE to $25 per Share on Macquarie/LPL Deal; Stewardship to Standard

Symbols
WDR
Sector(s)
Financial Services
Rating
Premium
Current Price
$25.10
Fair Value
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Economic Moat
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Stewardship
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Summary

Waddell & Reed is a midsize asset manager that had $66.2 billion in assets under management at the end of October 2020. The firm provides investment services for individual and institutional investors. Retail distribution, which accounts for 95% of managed assets, is handled through the company's own registered investment advisors (59% of AUM) and third-party broker/dealers and advisors (36%) in the wholesale channel. Equity-driven strategies account for an estimated 78% of total AUM, with fixed-income (20%) and money market (2%) offerings accounting for the remainder. The company has no discernible reach outside the United States.

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Analyst Profile

Greggory Warren

Sector Strategist
Greggory Warren, CFA, is a financial-services sector strategist for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc. He covers the traditional U.S.- based asset managers, as well as Berkshire Hathaway.Before assuming his current role in 2017, Warren covered the financial-services sector as a senior analyst since late 2008. Before that time, he covered non-alcoholic beverage manufacturers and distributors, packaged food firms, food service distributors, and tobacco companies. Prior to joining Morningstar in 2005, Warren worked as a buy-side equity analyst for more than seven years, covering consumer staples and consumer cyclicals.Warren holds a bachelor's degree in accounting and English from Augustana College. He also holds the Chartered Financial Analyst® designation and is a member of the CFA Society of Chicago. Since 2014, Warren has been selected to participate on the analyst panel at Berkshire Hathaway's annual meeting, asking questions directly of Warren Buffett and Charlie Munger. He ranked second in the investment services industry in The Wall Street Journal's annual “Best on the Street” analysts survey in 2013, the last year the survey was conducted.