Waddell & Reed officials have held discussions with other financial...

Waddell & Reed officials have held discussions with other financial firms concerning possible "business combinations,” according to a statement issued by the firm. Discussions are "exploratory” in nature and have included several firms, the statement said. Waddell & Reed, with more than $39 billion under management, retained Merrill Lynch and Morgan Stanley Dean Witter to advise the firm regarding potential "strategic partners.” Keith A. Tucker, Waddell & Reed chairman and CEO, described the discussions as an "open-ended process” and said, "We have not reached any conclusions or decided on a course of action.”