Administration June 1, 2003

Waddell & Reed Shakes Up Ivy Manager Lineup

January 6, 2003 (PLANSPONSOR.com) - Waddell & Reed has finished a widespread personnel resuffling at its recently acquired Ivy Funds unit with new portfolio managers on 11 of the 16 portfolios, the company announced.
Reported by

The company said the move is an effort to strengthen the funds’ performance with most perennial bottom-dwellers. Waddell acquired the Ivy Funds, with about $665 million in assets, when it purchased MacKenzie Investment Management in a $70-million that closed last month.

Among the managers involved in the management changes, Thomas Mengel, is taking on a particularly heavy load. Mengel, who currently manages the Waddell & Reed Advisors International Growth Fund, Inc. and the W&R Funds, Inc. International Growth Fund, has now also assumed portfolio management responsibilities for:

  • Ivy International Fund ($213 million)
  • Ivy International Value Fund ($46 million)
  • Ivy Pacific Opportunities Fund ($9 million)
  • Ivy Global Fund ($5 million)
  • Ivy Developing Markets Fund ($4 million)
  • Ivy International Growth Fund ($1 million).

Other Fund Manager Changes

According to the company, the other portfolio management changes includes:

  • Ivy Growth Fund ($114 million) is now managed by Antonio Intagliata, who also manages the Waddell & Reed Advisors Accumulative Fund
  • Ivy US Emerging Growth Fund ($31 million) is now managed by Kimberly Scott, who also manages the Waddell & Reed Advisors NewConcepts Fund and the W&R Mid Cap Growth Fund
  • Ivy Global Science & Technology Fund ($10 million) is now managed by Zachary Shafran, who also manages the Waddell & Reed Advisors Science and Technology Fund and the W&R Science and Technology Fund
  • Ivy Bond Fund ($56 million) is now managed by James Cusser, who also manages the Waddell & Reed Advisors Bond Fund and the Waddell & Reed Advisors Government Securities Fund
  • Ivy Money Market Fund ($21 million) is now managed by Mira Stevovich, who also manages Waddell & Reed Advisors Cash Management and the W&R Money Market Fund.

The other Ivy Funds, including Ivy Cundill Global Value Fund, Ivy Global Natural Resources Fund, Ivy European Opportunities Fund, Ivy International Small Companies Fund and Ivy US Blue Chip Fund, will retain their current managers, the company said.

Waddell & Reed said it will make the Ivy Funds available to its proprietary financial advisors, where a number of styles offered by Ivy are not part of Waddell & Reed’s current offerings.

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