Assets Rise at Waddell & Reed

A market-timing settlement took a bite out of Waddell & Reed's(WDR Quote) second-quarter results, leading to a wider loss for the period.

Still, shares of the Kansas-based mutual fund manager moved higher Tuesday as the company managed to eke out gains in assets under management, despite a volatile equities market.

For the second quarter, Waddell & Reed posted a loss of $33 million, or 40 cents a share, for the second quarter, widened from a loss of $7.1 million, or 9 cents a share, a year earlier. ...