Waddell & Reed Financial, Inc. (NYSE: WDR) announced today the appointment of Daniel G. Scherman, CFA, as Senior Vice President of its investment adviser subsidiaries, Waddell & Reed Investment Management Company and Ivy Investment Management Company, in the newly created role of Chief Risk Officer.

“Waddell & Reed has always focused on delivering solid long-term investment performance to our clients,” said Philip J. Sanders, CFA, Chief Investment Officer and incoming Chief Executive Officer of Waddell & Reed Financial, Inc. “Our investment team collectively believes in the strength of our investment process, which we believe will be enhanced by the addition of Dan to the team.”

Scherman will be responsible for enhancing and executing policies and procedures related to investment risk management capabilities across the firm, providing comprehensive portfolio oversight, and serving as Chair of the Investment Risk Management Committee. He will report to John E. Sundeen, Jr., CFA, Senior Vice President and Chief Administrative Officer – Investments and indirectly report to Sanders in his upcoming role as Chief Executive Officer.

"Dan will play an important role in helping to articulate our portfolio risk management philosophies and practices to all of our constituencies in the institutional and retail distribution markets," said Thomas W. Butch, Executive Vice President and Chief Marketing Officer. "This should further strengthen their understanding of, and confidence in, our investment process."

Among his previous experience, Scherman, 54, served for nearly 10 years as SVP, Chief Risk Officer and Portfolio Manager at Janus Capital Group, and 13 years at MFS Investment Management where he held the roles of Global Fixed Income Portfolio Manager, Equity Portfolio Manager and Senior Quantitative Analyst. He received his Bachelor of Arts, Economics and History from Dartmouth College and his MBA, Finance from Boston University. Scherman is a CFA charter holder.

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 retail unaffiliated distribution channel (encompassing broker/dealer, retirement, and registered investment advisors), our retail broker-dealer 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. 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. 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 Distributors, Inc. serves as principal underwriter and distributor to Ivy Funds.

Waddell & Reed Financial, Inc.Investor contact:Nicole Russell, 913-236-1880VP, Investor RelationsorMedia contact:Roger Hoadley, 913-236-1993VP, Director of Communications

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