Waddell & Reed earned $33.3 million, or 39 cents a share, in the fourth quarter, an impressive turnaround from the $730,000, or 1 cent a share, it lost in the last quarter of 2008.

Total operating revenue reached $244.8 million, a 28.2% increase from the $191 million in the prior-year period, fueled by a 47% increase in assets under management to $69.8 billion, up from $47.5 billion a year prior. Redemptions of long-term assets fell to 16.6%, down from 37.7% a year ago, Waddell & Reed said.

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