Waddell & Reed is shaking up the portfolio manager ranks in its newly acquired Ivy Funds in an attempt to boost the funds' returns. The firm swapped assignments on eleven of the funds in the Ivy Funds family, giving its own managers duel duties as managers of both its own and Ivy funds. The move is part of a stated effort by the firm to strengthen the Ivy brand and boost the investment performance of the Waddell & Reed Ivy Investment Company advised funds.

Waddell & Reed picked up the funds when its completion of its acquisition of Mackenzie Investment Management late last year. It intends to distribute the loaded Ivy funds primarily through its non-proprietary network of advisors.

"This is an important step in bringing Waddell & Reed's investment management capabilities to Ivy Fund shareholders, as well as to the financial advisors who utilize the Ivy Funds," said Thomas W. Butch, executive vice president and chief marketing officer of Waddell & Reed. "We are exploring ways to continue strengthening the Ivy Funds' lineup in the coming months."

Butch did not elaborate on what those additional actions may include.

The changes in portfolio management duties include:

Thomas Mengel, manager the Waddell & Reed Advisors International Growth Fund and the W&R Funds International Growth Fund takes over as portfolio manager for six Ivy Funds, including: Ivy International Fund ($213 million in assets); Ivy International Value Fund ($46 million); Ivy Pacific Opportunities Fund ($9 million); Ivy Global Fund ($5 million); Ivy Developing Markets Fund ($4 million); Ivy International Growth Fund ($1 million).

Antonio Intagliata, manager of Waddell & Reed Advisors Accumulative Fund takes over the Ivy Growth Fund ($114 million).

Kimberly Scott, manager of Waddell & Reed Advisors New Concepts Fund and W&R Mid Cap Growth Fund takes over Ivy US Emerging Growth Fund ($31 million).

Zachary Shafran, manager of Waddell & Reed Advisors Science and Technology Fund and W&R Science and Technology Fund, becomes portfolio manager of the Ivy Global Science & Technology Fund ($10 million).

James C. Cusser, manager of Waddell & Reed Advisors Bond Fund and Waddell & Reed Advisors Government Securities Fund takes the reins at Ivy Bond Fund ($56 million).

Mira Stevovich, manager of Waddell & Reed Advisors Cash Management and W&R Money Market Fund takes the helm of the Ivy Money Market Fund ($21 million).

The firm said that it is keeping the existing portfolio managers at five funds, including: Ivy Cundill Global Value Fund, Ivy Global Natural Resources Fund, Ivy European Opportunities Fund, Ivy International Small Companies Fund and Ivy US Blue Chip Fund.  

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