Zamansky LLC Investigates The Ivy Asset Strategy & Waddell & Reed Asset Strategy Funds For Potential Breaches of Fiduciary Du...
February 05 2016 - 6:57PM
Business Wire
Zamansky LLC announces that it is investigating the Ivy Asset
Strategy Fund and the Waddell and Reed Asset Strategy Fund for
potential breaches of fiduciary duties to shareholders. The Ivy
Asset Strategy Fund and the Waddell & Reed Asset Strategy Fund
are total return mutual funds that are registered under the
Investment Company Act of 1940. Both funds are managed by
subsidiaries of Waddell & Reed Financial Inc. (NYSE:WDR), a
public company with over $71 billion under management. The Funds
trade under these symbols - Ivy Asset Strategy: WASAX, WASBX and
WASCX; and Waddell & Reed Asset Strategy Fund: UNASX, WCASX and
WBASX.
On May 15, 2014, Ryan C. Caldwell, a portfolio manager of both
Funds, resigned. At the time, the Ivy Asset Strategy Fund had $35
billion in assets under management and was trading at $30 per
share. Since his resignation, the Ivy Asset Strategy Fund has
fallen in value by more than 30% and has lost billions of dollars
in customer assets. The fund now trades at $20 per share.
According to Jake Zamansky, investment fraud attorney, the Ivy
Asset Strategy Fund has performed far worse over this time than the
Dow Jones or S&P 500 Indexes. The Waddell & Reed Asset
Strategy Fund has similarly underperformed, he states. “We are
examining the departure of Mr. Caldwell and whether the Funds
breached duties owed to shareholders,” Zamansky says.
What Fund Investors Can Do
If you are an investor in the Ivy Asset Strategy or Waddell
& Reed Asset Strategy Funds who are still holding these funds,
and wish to have your investment reviewed or to discuss your legal
rights, you may, without obligation or cost to you, email
jake@zamansky.com or call the law firm at (212) 742-1414.
About Zamansky LLC
Zamansky LLC is a leading investment fraud law firm specializing
in securities, hedge fund and shareholder class action litigation,
and FINRA securities arbitration. We are investment fraud attorneys
who represent both individual and institutional investors. Our
practice is nationally recognized for our ability to aggressively
prosecute cases and recover investment losses.
To learn more about Zamansky LLC, please visit our website,
http://www.zamansky.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160205005902/en/
Zamansky LLC50 Broadway - 32nd FloorNew York, NY 10004Jake
Zamansky, 212-742-1414jake@zamansky.com
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