Waddell & Reed Appoints New Portfolio Manager for Its High Income Funds

Proquest LLC

Waddell & Reed Financial, Inc. reported that William Nelson, portfolio manager of its high income mutual funds - Ivy High Income Fund, Waddell & Reed Advisors High Income Fund, Ivy Variable Insurance Portfolio High Income, and the closed-end Ivy High Income Opportunities Fund - has been terminated for "cause" as set forth in his employment agreement.

The Company indicated that Nelson's termination was unrelated to his portfolio management responsibilities.

According to a release, the Company named Chad Gunther, assistant portfolio manager on the high income funds and an 11-year Waddell & Reed veteran, to replace Nelson as portfolio manager on the high income portfolios. Gunther has been assistant portfolio manager on the high income funds since 2008, and heads a six-person team responsible for the funds.

"We are confident that Chad, and the high income team, will continue to successfully manage the investment process that has led to the funds' competitive performance over time," said Philip J. Sanders, chief investment officer of Waddell & Reed Financial, Inc. "This team is well-experienced, is steeped in a successful investment process, and looks forward to continuing and expanding its major role in the funds' success."

Through its subsidiaries, Waddell & Reed Financial, Inc. provides investment management and financial planning services to clients throughout the U.S.

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