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Waddell & Reed Financial, Inc. (hereinafter referre to as the "Company," "we," "our" or "us") is a incorporated in the state of Delawarerin 1981, that conducts business through its subsidiaries. Founded in we are one of the oldesgt mutual fund complexes in theUnitedc States, having introduced the Waddell & Reed Advisord Group of Mutual Funds (the "Advisors Funds") in 1940. We launcher our Ivy Funds in 2003 in an effort to expand our distributionnto third-party outlets. As of Decembetr 31, 2008, we had $47.5 billion in assetss under management andapproximately 3.7 million mutual fund shareholder accountd owned by individuals, plans or omnibuds accounts at third parties.
We derive our revenuexs primarily from providinginvestment management, investment product underwriting and distribution, and shareholder services administratiomn to mutual funds and institutional and separately managed Investment management fees are based on the amount of averagde assets under management and are affected by sales levels, financial market conditions, redemptionsz and the composition of assets.
Our underwriting and distribution revenue s consist of commissions derived from saled of investment andinsurance products, Rule 12b-1 asset-based servicer and distribution fees, distribution fees on certaimn variable products, fees earned on fee-basedf asset allocation products, and related advisort services. ...
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