The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
Tuesday, January 07, 2003|
W&R Fertilizes its Ivy
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:
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.
Printed from: MFWire.com/story.asp?s=4291
Copyright 2003, InvestmentWires, Inc.
All Rights Reserved