Waddell & Reed Financial announced yesterday it will purchase Securian Financial Group’s subsidiary Advantus Capital Management, which has $2.1 billion in assets under management in the Advantus Funds and the Advantus Series Fund, Inc., a family of funds used as subaccounts in annuities and insurance. Those funds are included in products managed by Minnesota Life Insurance Company, another Securian subsidiary.

The purchase price is $26 million. The assets will transition to Waddell over a period of six months.

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