Award-Winning 'Small' Fund Not Small After All

Waddell & Reed Financial(WDR Quote) seems to have benefited from a quirk in the way Lipper ranks mutual funds.

Last Wednesday, Waddell & Reed Advisors Funds (WRA), a division of WRF, received the award for best overall small fund family at the 2008 U.S. Lipper Fund Awards held in New York.

The family of funds includes Waddell & Reed Advisors Asset Strategy(UNASX Quote) and Waddell & Reed Advisors Accumulative(UNACX Quote).

Along with WRA's other funds, the organization had $24.7 billion under management as of Dec. 31, which put it under the $28 billion upper limit for a "small" fund family, according to Lipper. ...