Waddell & Reed is offering severance packages to at least 219 employees. The company notified the Kansas Department of Commerce that the employees are expected to depart by the end of April, which lines up with the closing date of Macquarie Asset Management's $1.7 billion deal to purchase Waddell & Reed. 

The acquisition has thwarted Waddell & Reed's plans to construct a 260,000-square-foot downtown office in Kansas City, Missouri. According to Waddell & Reed's annual report, the company employs 936 advisors as well as 397 licensed advisor associates. While no specific information regarding the laid-off employees was available, the impacted employees will be eligible for continued benefits including health insurance plans and placement services, according to a spokesperson. 

Nevertheless, Waddell & Reed's layoffs illustrate a company trend in terms of employment as the wealth manager has decreased its advisor-count by 883 since the end of 2015. Further, the company notified the Kansas Department of Commerce that it planned to lay off 158 corporate employees in July 2019. The future of Waddell & Reed's corporate office in Overland Park, Kansas, is unclear after the company's relocation efforts were unsuccessful. 

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