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Wednesday, November 29, 2000

WR Expands Lineup

Reported by Tamiko Toland

Waddell & Reed has just filed to open two new funds.

The Kansas company joins many others who are looking to fulfill certain market needs. The Value Fund is designed to take advantage of recent economic trends. The Municipal Money Market Fund reaches high net worth consumers who are tax-sensitive.

"The Value Fund is intended to fill a gap in our product lineup," said Tom Butch, Waddell & Reed's senior vice president and chief marketing officer. "We have not heretofore had a product with value as its mandate."

The Value Fund will be managed by Harry Flavin, who works at affiliate Austin Calvert and Flavin. He has been wielding a value strategy there with his management of high net worth and institutional accounts.

The Municipal Money Market Fund will better allow Waddell & Reed to service its high net worth customers. Butch pointed out, "We launched a tax managed equity fund earlier this year."


Mira Stevovich, who runs Waddell & Reed's taxable money market funds, will also run the new municipal fund. 

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