OVERLAND PARK, Kan.–(BUSINESS WIRE)–Waddell & Reed Financial, Inc. (NYSE: WDR) today announced several
additional steps to continue to position itself for future organic and
inorganic growth:
Brent Bloss, Chief Operating Officer, expands his role overseeing all
Company operations including technology enablement, wealth management,
investment risk management, investment operations and trading, legal and
compliance, transfer agency and corporate administration. Ben Clouse,
Chief Financial Officer, will continue to oversee the finance function
and adds responsibilities for mutual fund accounting and procurement. He
also will spearhead and oversee the consolidation and enhancement of the
enterprise-wide data analytics function over the long-term. Christopher
Rackers has been named Chief Administrative Officer. Rackers, who
previously was Chief Human Resources Officer, continues to oversee all
human resources and internal communications activities and adds
responsibilities for corporate real estate, enterprise project
management organization (EPMO), external communications, marketing,
corporate strategic initiatives and philanthropy.
Together with last week’s announcement of the hiring of Dan Hanson as
Chief Investment Officer, these additional steps position the Company to
accelerate its business transformation and better enable long-term
organizational agility and effectiveness.
In addition, the firm announced its intent to outsource the
transactional processing operations of its internal transfer agency to
SS&C Asset Manager Solutions (formerly DST Asset Manager Solutions), one
of the Company’s long-term technology partners. The outsourcing process
is anticipated to conclude by the end of 2019. The Company expects the
change to be seamless for fund shareholders, financial advisors and
business partners. The Company’s client call center is not impacted by
the move and will remain in place, focused on ensuring great experiences
for financial advisors and fund shareholders.
“We continue to assess the servicing needs of clients through the most
efficient and cost-effective approaches,” Brent Bloss, Chief Operating
Officer stated. “The move to outsource transactional processing
operations to SS&C, our current recordkeeping technology provider,
positions us for a smooth transition for all stakeholders.”
Savings generated from this move will help to reduce expenses to mutual
fund shareholders. The move will also simplify the organizational
structure and better position the organization to achieve its long-term
strategic objectives.
“As we transition to the next phase of our business transformation
focused on strategic growth, these leadership and organizational changes
will better enable us to be an agile, fast-moving organization to
effectively compete in today’s dynamic marketplace,” said Philip
Sanders, Chief Executive Officer.
About the Company
Through its subsidiaries, Waddell & Reed Financial, Inc. has provided
investment management and wealth management services to clients
throughout the United States since 1937. Today, we distribute our
investment products through the unaffiliated channel under the IVY
INVESTMENTS® brand (encompassing broker/dealer, retirement,
and registered investment advisors), our wealth management channel
(through independent financial advisors associated with WADDELL & REED,
INC.), and our institutional channel (including defined benefit plans,
pension plans, endowments and subadvisory relationships). For more
information, visit ir.waddell.com.
IVY INVESTMENTS® refers to the investment management and
investment advisory services offered by Ivy Investment Management
Company, the financial services offered by Ivy Distributors, Inc., a
FINRA member broker dealer and the distributor of the IVY FUNDS®
mutual funds and IVY VARIABLE INSURANCE PORTFOLIOS®, and the
financial services offered by their affiliates.
Forward-Looking Statements
This press release contains “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, which
reflect the current views and assumptions of management with respect to
future events regarding our business and industry in general. These
forward-looking statements include all statements, other than statements
of historical fact, regarding our business strategy and other plans and
objectives for future operations, including statements with respect to
organic and inorganic growth and the transformation of our business.
These statements are generally identified by the use of such words as
“will,” “continue,” “anticipated,” “intent,” and similar statements of a
future or forward-looking nature. Readers are cautioned that any
forward-looking information provided by us or on our behalf is not a
guarantee of future performance. Actual results may differ materially
from those contained in these forward-looking statements as a result of
various factors, including but not limited to those disclosed in the
“Risk Factors” section of our Annual Report on Form 10-K for the year
ended December 31, 2018.
The foregoing factors should not be construed as exhaustive and should
be read together with other cautionary statements included in this and
other reports and filings we make with the Securities and Exchange
Commission, including the information in Item 1 “Business” of Part I and
Item 7 “Management’s Discussion and Analysis of Financial Condition and
Results of Operations” of Part II to our Annual Report on Form 10- K for
the year ended December 31, 2018 and as updated in our quarterly reports
on Form 10-Q for the year ending December 31, 2019. All forward-looking
statements speak only as of the date on which they are made and we
undertake no duty to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except to the extent required by law.
Contacts
Roger Hoadley
VP, Communications
[email protected]
