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Waddell & Reed Acquires Fund Company

Waddell & Reed Financial of Overland Park, Kan., has agreed to acquire Austin, Calvert & Flavin of San Antonio, Texas. The companies announced the deal on June 29. The purchase price was not disclosed.

Austin, Calvert manages more than $1.4 billion in assets for high-net-worth investors, trusts and pension plans. Henry Herrmann, president and chief investment officer of Waddell & Reed, said the acquisition will improve services to his firm's shareholders.