Michael Avery, the former directory of equity research at Waddell & Reed Financial, has been promoted to chief investment officer. Avery will also take the title of CIO of Waddell & Reed Investment Management Co. and Ivy Investment Management Co., the advisor to Waddell & Reed's Ivy Funds.

Avery, also the portfolio manager of the Waddell & Reed Advisors Asset Strategy Fund, the Ivy Asset Strategy Fund and the W&R Target Asset Strategy Fund, will continue to manage the funds in his new role.

Matthew Norris, also a portfolio manager, will take the title of director of equity research. Norris will remain portfolio manager of the Advisors, Ivy and W&R Target Value funds, according to a release.  

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