OVERLAND PARK, Kan., Mar. 24 /PRNewswire-FirstCall/ -- Waddell & Reed Financial, Inc. (NYSE:WDR) today announced that Timothy J. Miller, CFA, has been named vice president and portfolio manager of the W&R Target Small Cap Value Portfolio and the Ivy Small Cap Value Fund.
Miller, a 29-year veteran of the mutual fund and investment industry, joined Waddell & Reed in February. Previously, he spent more than 10 years with Invesco Funds Group, including four years as its chief investment officer.
"Tim is a very experienced, talented portfolio manager and equity strategist who adds depth to our investment management team," said Michael Avery, chief investment officer for both Waddell & Reed Investment Management Company and Ivy Investment Management Company. "We are pleased and fortunate to be able to apply his talents to these funds." While at Invesco, Miller oversaw the managers of more than 20 mutual funds across most major asset classes. Prior to becoming CIO, he personally managed a range of equity funds at Invesco, and spent five years as manager of the company's Growth Fund Group. Prior to Invesco, he spent 13 years with Mississippi Valley Advisors in St. Louis as Assistant Director of Equity Research, and where he co-managed a small cap value fund.
Miller takes over management of the W&R Target and Ivy Small Cap Value funds from Wayne Archambo, of BlackRock Capital Management. The funds had been subadvised by BlackRock, and Mr. Archambo had been the portfolio manager, since 2005.
"We sincerely thank Mr. Archambo and BlackRock for their partnership and their stewardship of the Fund in recent years," said Avery. "This change is a result of the opportunity we had to bring into our organization someone with Tim's skills, and is not a reflection on BlackRock." The Ivy Small Cap Value Fund was incepted in 1997 and had approximately $150 million in assets at Dec. 31, 2007. The Ivy Funds offer a broad fund lineup covering all major asset categories, including international and domestic equity funds, specialty funds, fixed income funds and money market funds. The Ivy Funds were named the second fastest growing fund family in 2007, among families with at least $5 billion in total assets under management, according to Financial Research Corporation (FRC).
The W&R Target Small Cap Value Portfolio, also incepted in 1997, had approximately $195 million at Dec. 31, 2007. The W&R Target Funds are available only as investment options in variable annuity and variable life contracts issues by life insurance companies. They are not offered directly to the public.
Investors should consider the investment objectives, risks, charges and expenses of a fund carefully before investing. For a prospectus containing this and other information for any of the Waddell & Reed Advisors or Ivy Funds, call your financial advisor or visit http://www.waddell.com/ or http://www.ivyfunds.com/. Please read the prospectus carefully before investing.
About the Company Waddell & Reed, Inc., founded in 1937, is one of the oldest mutual fund complexes in the United States, having introduced the Waddell & Reed Advisors Group of Mutual Funds in 1940. Today, we distribute our investment products through the Waddell & Reed Advisors channel (our network of financial advisors), our Wholesale channel (encompassing broker/dealer, retirement, registered investment advisors as well as the activities of our Legend subsidiary), and our Institutional channel (including defined benefit plans, pension plans and endowments, as well as the activities of ACF and our subadvisory partnership with Mackenzie in Canada).
Through its subsidiaries, Waddell & Reed Financial, Inc. provides investment management and financial planning services to clients throughout the United States. Waddell & Reed Investment Management Company serves as investment advisor to the Waddell & Reed Advisors Group of Mutual Funds, W&R Target Funds, Inc. and Waddell & Reed InvestEd Portfolios, Inc., while Ivy Investment Management Company serves as investment advisor to Ivy Funds, Inc. and the Ivy Funds portfolios. Waddell & Reed, Inc. serves as principal underwriter and distributor to the Waddell & Reed Advisors Group of Mutual Funds, W&R Target Funds, Inc. and Waddell & Reed InvestEd Portfolios, Inc., while Ivy Funds Distributor, Inc. serves as principal underwriter and distributor to Ivy Funds, Inc. and the Ivy Funds portfolios. DATASOURCE: Waddell & Reed Financial, Inc.
CONTACT: Investors, Nicole McIntosh, Director of Investor Relations, +1-913-236-1880, or Media, Roger Hoadley, Director of Communications, +1-913-236-1993, both of Waddell & Reed Financial, Inc.
Web site: http://www.waddell.com/ http://www.ivyfunds.com/
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