Waddell & Reed replaces portfolio manager of high-income mutual funds

By Angela McDaniels

Tacoma, Wash., July 9 – Waddell & Reed Financial, Inc. replaced William Nelson with Chad Gunther as portfolio manager of its high-income mutual funds – the Ivy High Income Fund, the Waddell & Reed Advisors High Income Fund, the Ivy Variable Insurance Portfolio High Income Fund and the closed-end Ivy High Income Opportunities Fund.

Nelson was terminated for “cause,” but the termination was unrelated to his portfolio management responsibilities, according to a company news release.

Gunther has been the assistant portfolio manager of the high-income funds since 2008 and heads a six-person team responsible for the funds. He has been with Waddell & Reed for 11 years.

Waddell & Reed is based in Overland Park, Kan., and provides investment management and financial planning services through its subsidiaries.

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