Waddell & Reed Financial is one of the oldest mutual fund managers in the US. Subsidiaries administer and distribute about 90 mutual funds under the names Waddell & Reed Advisors Funds (the company's longest-running and largest fund complex), Ivy Funds (administered by Ivy Investment Management), and Waddell & Reed InvestEd Portfolios; they also manage accounts for institutional investors and private clients. The firm sells annuities and insurance through agreements with third-party providers. Waddell & Reed has 160-plus registered offices nationwide, usually in small cities and rural areas. Founded in 1937, the firm now boasts $105 billion in assets under management.