Waddell & Reed Financial, Inc. Announces the Retirement of Michael L. Avery
February 02 2016 - 6:46AM
Business Wire
Waddell & Reed Financial, Inc. (NYSE: WDR) announced that
Michael L. Avery, 62, its president and co-portfolio manager of the
Ivy Funds, Waddell & Reed Advisors Funds and Ivy Funds Variable
Insurance Portfolios Asset Strategy portfolios, will retire
effective June 30, 2016, following 35 years of service. Until his
retirement date, Avery will assist in the transition of his
responsibilities to others within the Company. Avery joined Waddell
& Reed in 1981 and has served as co-portfolio manager of the
Asset Strategy portfolios since 1997. “Mike has been a steadfast
colleague over the past three decades and instrumental in our
growth and success, including the development of our investment
management process,” said Hank Herrmann, Chairman and Chief
Executive Officer of Waddell & Reed Financial, Inc. “We wish
Mike all the best in retirement.”
Cynthia Prince-Fox and Chace Brundige will continue as
co-portfolio managers of the Asset Strategy portfolios after Mr.
Avery's retirement. Prince-Fox and Brundige joined Waddell &
Reed in 1983 and 1996, respectively, and were named co-portfolio
managers of the Asset Strategy portfolios in 2014. "Mike has made
many significant contributions during his career with the Company,
including the establishment of a deep and talented investment
management team," said Philip J. Sanders, Chief Investment Officer
of the Company. "We are confident in the ability of Cynthia and
Chace to continue to lead the Asset Strategy team." In addition to
Avery, the Asset Strategy team consists of two portfolio managers,
three assistant portfolio managers and a client portfolio manager,
plus continued support and interaction from the entire investment
management organization.
At December 31, 2015, the Asset Strategy portfolios had
approximately $21.9 billion in assets under management, including:
$15.3 billion in Ivy Asset Strategy Fund; $2.6 billion in Waddell
& Reed Advisors Asset Strategy Fund; $1.3 billion in Ivy Funds
Variable Insurance Portfolios Asset Strategy; and $2.7 billion in
institutional accounts, including subadvised accounts.
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.
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 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.
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 investment advisor and global distributor
to the Ivy Global Investors 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160202005218/en/
Waddell & ReedNicole Russell, 913-236-1880VP,
Investor Relations
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