Investment manager Waddell & Reed Financial reported a slight drop in quarterly earnings, citing higher compensation and distribution expenses.

The company posted net income of $25.7 million, or 31 cents a share, for the last quarter of 2004 compared to the $28.1 million, or 34 cents a share, it posted a year earlier.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.