Waddell & Reed reported first quarter profits of $15.5 million, down 45.2% from $28.3 million in the first quarter of 2008.

“Continued market turmoil has challenged investors throughout most of the quarter. Against this backdrop, many investors have chosen to invest with managers who have, over time, proven to consistently deliver strong relative performance,” said Hank Herrmann, chief executive officer of Waddell & Reed.

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.