Q:

When did Waddell and Reed begin to offer mutual funds?

A:

Quick Answer

Waddell & Reed started selling mutual funds in 1940. It opened its first two fund offerings, the United Income Fund and United Accumulative Fund, after Congress passed the Investment Company Act of 1940.

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Full Answer

Waddell & Reed is one of the longest running investment firms in the United States. The firm started operating in 1937 with less than $125,000 in assets when Chauncey Waddell and Cameron Reed merged their two investment firms under the name Herrick, Waddell & Reed. As of April 2015, the firm has grown to manage more than $135 billion in assets with more than 80 mutual funds.

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