Waddell & Reed Names Shawn Mihal as Chief Regulatory Officer
April 23 2015 - 4:30PM
Business Wire
Mihal steps in for Terry Lister, who will
retire after 10 years with the firm
Waddell & Reed Financial, Inc. (NYSE:WDR) has appointed
Shawn M. Mihal as Senior Vice President, Chief Regulatory Officer
(CRO) and Chief Compliance Officer (CCO) of its two broker-dealer
subsidiaries, Waddell & Reed, Inc. and Ivy Funds Distributor,
Inc. Mihal takes over for Terry L. Lister, who is retiring after 10
years as CRO and CCO with the firm and more than 37 years in the
securities industry as an attorney, regulator, and compliance
professional.
Mihal will oversee the compliance process for Waddell &
Reed’s financial advisors sales channel as well as its Ivy Funds
wholesaling activities. He will be involved at a senior level in
compliance surveillance, the interpretation and application of
various regulatory statutes and rules on both a federal and state
level, and will provide advice and recommendations with regard to
the design and implementation of compliance and risk management
programs.
“Shawn brings to our broker/dealers broad experience in all
aspects of compliance and regulatory oversight and is well
positioned to carry forward the culture of compliance emphasized
under Terry Lister,” said Thomas W. Butch, CEO of Waddell &
Reed, Inc. and of Ivy Funds Distributor, Inc.
Mihal is a 15-year industry veteran with compliance analytics
and management roles across two firms. Most recently he was Vice
President and Chief Compliance Officer with Transamerica Financial
Advisors, Inc., where he was responsible for all regulatory
compliance functions, including sales practice/pre-litigation
complaints, branch examinations, monitoring and surveillance, and
investment advisory compliance. He led a staff of 30 compliance
professionals that supported over 5,000 Transamerica investment
professionals in 1,000 branch offices across the country. Prior to
Transamerica, he spent 11 years with Great American Advisors, Inc.
in a variety of compliance roles, including six years as Chief
Compliance Officer.
Mihal will report to Wendy J. Hills, Senior Vice President and
General Counsel of parent firm Waddell & Reed Financial,
Inc.
Lister retires as one of the most respected and knowledgeable
individuals in the compliance and securities regulatory field.
Prior to his role with Waddell & Reed, he served as General
Counsel and Director of Government Affairs with the Financial
Services Institute, a trade organization of independent
broker-dealers. He also served as General Counsel with Cambridge
Investment Research, Inc. Prior thereto, he spent 16 years in
private law practice representing broker/dealers and investment
advisers in regulatory and compliance issues. He also had roles
with NASD District 3, Missouri Securities Division, and was
assistant Missouri Attorney General in 1977-78.
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 Wholesale channel
(encompassing broker/dealer, retirement, and registered investment
advisors), our Advisors channel (our network of financial
advisors), and our Institutional channel (including defined benefit
plans, pension plans and endowments, and our subadvisory
partnership with Mackenzie in Canada).
Through its subsidiaries, Waddell & Reed Financial, Inc.
(NYSE: WDR) provides investment management and financial planning
services to clients throughout the United States and
internationally. Waddell & Reed Investment Management Company
serves as investment advisor to the Waddell & Reed Advisors
Group of Mutual Funds, Ivy Funds Variable Insurance Portfolios and
InvestEd Portfolios, while Ivy Investment Management Company serves
as investment advisor to Ivy Funds and the Selector Management Fund
SICAV, an umbrella UCITS fund range domiciled in Luxembourg.
Waddell & Reed, Inc. serves as principal underwriter and
distributor to the Waddell & Reed Advisors Group of Mutual
Funds, Ivy Funds Variable Insurance Portfolios and InvestEd
Portfolios, while Ivy Funds Distributor, Inc. serves as principal
underwriter and distributor to Ivy Funds and global distributor to
Selector Management Fund SICAV.
Investors should consider the investment objectives, risks,
charges and expenses of a fund carefully before investing. For a
prospectus, or if available, a summary prospectus, containing this
and other information for any of the Waddell & Reed Advisors or
Ivy Funds, call your financial advisor or visit
www.waddell.com or
www.ivyfunds.com.
Please read the prospectus or summary prospectus carefully
before investing.
Investment return and principal value will fluctuate, and it
is possible to lose money by investing. Past performance is not a
guarantee of future results.
Waddell & Reed, Inc.Investor Relations Contact:Nicole
Russell, 913-236-1880VP, Investor RelationsorMedia Contact:Roger
Hoadley, 913-236-1993VP, Communications
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