Ivy Funds splits with Henderson Global Investors
The Ivy Funds has filed with the Securities and Exchange Commission to terminate its subadvisory agreement with Henderson Global Investors Inc. for management of the $220 million Ivy European Opportunities Fund (IEOAX).
The Ivy Funds has filed with the Securities and Exchange Commission to terminate its subadvisory agreement with Henderson Global Investors Inc. for management of the $220 million Ivy European Opportunities Fund (IEOAX).
The agreement was established Dec. 31, 2002.
Effective July 1, Ivy Investment Management Co., the funds’ investment adviser, has assumed investment management responsibilities of the portfolio.
Thomas Mengel, senior vice president of Ivy Investment Management Co. and Waddell & Reed Investment Management Co., will be responsible for the daily management of the fund.
The fund, which posted a year-to-date return of 7.79% through July 1, had a -48.1% return in 2008, according to Morningstar Inc. of Chicago.
Henderson Global of Chicago declined to comment on the filing, said spokeswoman Stephanie Jenkins.
A spokesman for the Ivy Funds was not immediately available for comment.
The Ivy Funds, based in Overland Park, Kan., is a subsidiary of Waddell & Reed Financial Inc. also of Overland Park, Kan.
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