Waddell & Reed tapped company veteran Philip Sanders as the new chief investment officer of Waddell & Reed Investment Management [see profile] and Ivy Investment Management Company [see profile].

Sanders, 50, takes over from Michael Avery, who became president of Waddell & Reed Financial Inc. in January. Sanders will report to Avery.

Avery, 56, continues as co-portfolio manager of the Ivy Asset Strategy Fund and Waddell & Reed Advisors Asset Strategy Fund.

Sanders has been with Waddell & Reed since 1998.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE