NU Online News Service, April 24, 2003, 2:51 p.m. EDT – Waddell & Reed Financial Inc., Overland Park, Kan., has agreed to acquire the retail stock mutual funds now managed by Advantus Capital Management, a unit of the Securian Financial Group, St. Paul, Minn.
But Advantus will continue to manage institutional assets. It also will continue to manage bond funds and real estate funds, and it will serve as a subadvisor for Waddell & Reed’s Ivy series of investment funds, Securian says.
Securian, the parent company of Minnesota Life Insurance Company, adds that Waddell & Reed will distribute a customized individual annuity from Minnesota Life through Waddell & Reed’s network of 3,200 financial advisors.
Securian will distribute Waddell & Reed mutual funds through the 1,800 producers who participate in its Securian Financial Network, Securian says.