NU Online News Service, Oct. 16, 2003, 11:25 a.m. EDT – Minnesota Life Insurance Company, St. Paul, says it has transferred about $1.4 billion in assets in nine portfolios of its Advantus Series Fund to the Target Funds of Waddell & Reed Financial Inc., an asset management firm in Overland Park, Kan.
Three additional W&R Target Fund portfolios also were added to Minnesota Life’s variable products, the company says. Advantus Capital continues to manage fixed income, index and real estate portfolios in the Advantus Series Fund.
An agreement between Securian and Waddell & Reed, announced April 24, also includes Waddell & Reed’s purchase of the 11 mutual funds of Advantus, with $593 million in assets. That part of the agreement is scheduled for Nov. 22, pending shareholder approval, Minnesota Life says.
The Advantus mutual fund assets will be reorganized into existing or newly created funds in Waddell & Reed’s Ivy Mutual Fund family.
The insurer says it is developing a private label variable annuity product that will be distributed through the 3,000 W&R advisors in 43 states beginning in May 2004.