Waddell & Reed is circulating details on how it were merge the Ivy fund family it acquired last year from McKenzie Financial. The Ivy Funds are being folded into members of the W&R Fund family that the Kansas City-based firm has distributed outside of its proprietary broker network. After the merges Waddell & Reed is rebranding the family as the Ivy Funds.
The change follows a shake up in the ranks of the portfolio managers handling the Ivy Funds made by Waddell last January.
All together six Ivy Funds will merge into existing W&R Funds and six Ivy Funds will remain unchanged. Then, all W&R Funds, including those not involved in the mergers, would operate under the Ivy Funds brand as part of the new family. The new Ivy Funds will offer 18 funds with $1.5 billion in assets.
Two additional Ivy Funds will merge into Waddell & Reed Advisors Funds. That pair of funds will not be a part of the new Ivy family.
"This is a critical step in our efforts to invigorate and strengthen the Ivy Funds," said Thomas W. Butch, executive vice president and chief marketing officer. "After the mergers, Ivy Funds will be a highly competitive and broad fund family. By attaching Waddell & Reed's strong investment management capabilities to the Ivy brand, we believe we will dramatically enhance the attractiveness of the Ivy Funds for financial advisors and fund shareholders."
The specific planned individual fund outcomes are as follows:
DOMESTIC EQUITY FUNDS
Merge Ivy US Blue Chip into W&R Core Equity, managed by Jim Wineland, of Waddell & Reed
Merge Ivy US Emerging Growth into W&R Mid Cap Growth, managed by Kimberly Scott, of Waddell & Reed
Merge Ivy Growth into Waddell & Reed Advisors Accumulative, managed by Tony Intagliata, of Waddell & Reed
INTERNATIONAL/GLOBAL EQUITY FUNDS
Merge Ivy International Small Companies into W&R International Growth, managed by Thomas Mengel, of Waddell & Reed
Merge Ivy Global into W&R International Growth, managed by Thomas Mengel, of Waddell & Reed
Merge Ivy Developing Markets into Ivy Pacific Opportunities, managed by Thomas Mengel, of Waddell & Reed
SPECIALTY FUNDS
Merge Ivy Global Science & Technology into W&R Science and Technology, managed by Zachary Shafran, of Waddell & Reed
FIXED INCOME FUNDS
Merge Ivy Bond into Waddell & Reed Advisors Bond, managed by Jim Cusser, of Waddell & Reed
Merge Ivy Money Market into W&R Money Market, managed by Mira Stevovich, of Waddell & Reed
THE FOLLOWING IVY FUNDS WILL REMAIN AS THEY ARE:
Ivy Cundill Global Value Fund, subadvised by Peter Cundill, of Cundill & Associates
Ivy Global Natural Resources Fund, subadvised by Fred Sturm, of Mackenzie Financial Corp.
Ivy European Opportunities Fund, subadvised by Stephen Peak, of Henderson Global Investors
Ivy International Fund, managed by Thomas Mengel, of Waddell & Reed
Ivy International Value Fund, managed by Thomas Mengel, of Waddell & Reed
Ivy Pacific Opportunities Fund (after absorbing Ivy Developing Markets Fund, managed by Thomas Mengel, of Waddell & Reed
THE FOLLOWING W&R FUNDS WILL BECOME IVY FUNDS (ALL MANAGED BY WADDELL & REED):
W&R Large Cap Growth Fund, managed by Dan Becker
W&R Small Cap Growth Fund, managed by Grant Sarris
W&R Asset Strategy Fund, managed by Mike Avery and Dan Vrabac
W&R Tax-Managed Equity Fund, managed by Barry Ogden
W&R High Income Fund, managed by Louise Rieke
W&R Limited-Term Bond Fund, managed by Pat Sterner
W&R Municipal Bond Fund, managed by Bryan Bailey
The new Ivy Fund family would then be comprised of:
DOMESTIC EQUITY FUNDS:
Ivy Core Equity Fund, managed by Jim Wineland, with $285.3m in pro forma assets
Ivy Large Cap Growth Fund, managed by Dan Becker, with $25.4m in pro forma assets
Ivy Mid Cap Growth Fund, managed by Kim Scott, with $46.8m in pro forma assets
Ivy Small Cap Growth Fund, managed by Grant Sarris, with $337.5m in pro forma assets
Ivy Tax-Managed Equity Fund, managed by Barry Ogden, with $4.6m in pro forma assets
INTERNATIONAL EQUITY FUNDS:
Ivy Cundill Global Value Fund, managed by Peter Cundill, with $5.5m in pro forma assets
Ivy European Opportunities Fund, managed by Stephen Peak, with $70.2m in pro forma assets
Ivy International Value Fund, managed by Thomas Mengel, with $45.3 in pro forma assets
Ivy Pacific Opportunities Fund, managed by Thomas Mengel, with $8.6m in pro forma assets
Ivy International Growth Fund, managed by Thomas Mengel, with $78.8m in pro forma assets
Ivy International Fund, managed by Thomas Mengel, with $210m in pro forma assets
FLEXIBLE PORTFOLIO/SPECIALTY:
Ivy Global Natural Resources Fund, managed by Fred Sturm, with $31.4m in pro forma assets
Ivy Science and Technology Fund, managed by Zachary Shafran, with $108.9m in pro forma assets
Ivy Asset Strategy Fund, managed by Mike Avery and Dan Vrabac, with $61.9m in pro forma assets
FIXED INCOME FUNDS:
Ivy High Income Fund, managed by Louise Rieke, with $23.1m in pro forma assets
Ivy Limited-Term Bond Fund, managed by Pat Sterner, with $62.6m in pro forma assets
Ivy Municipal Bond Fund, managed by Bryan Bailey, with $27.1m in pro forma assets
Ivy Money Market Fund, managed by Mira Stevovich, with $36.2m in pro forma assets
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