Reports on tough times in the mutual fund world keep pouring in. On Tuesday Ivy Funds manager Waddell & Reed revealed its fourth quarter results. The Overland Park, Kansas-based firm suffered a net loss of $0.7 million ($0.01 per share), due in part to a fourth quarter assets under management drop of nearly 21 percent, from $59.784 billion to $47.484 billion.

As the markets fell, Waddell's flow numbers were bleak in all but one of its channels: net outflows for the quarter reached $254 million in the advisor channel and $1.8 billion in the wholesale channel, but the institutional channel gathered positive net flows of $80 million. 

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