Waddell & Reed reported that it returned to profitability in the second quarter of this year, taking in $29.7 million, or 36 cents per share, in earnings, the Associated Press reports. In the second quarter of 2006, the company lost $33 million, or 40 cents per share.

This year’s second-quarter profits fell a penny short of the 37 cents a share analyst consensus, as polled by Thomson Financial.

Total assets under management rose 20% to $54 billion, up from $45 billion a year ago.

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.