Ivy IM takes over Selector Management Fund Sicav from EMG
Ivy Investment Management, a subsidiary of Waddell & Reed Financial, is to take over from Emerging Managers Group as investment adviser and distributor of the Selector Management Fund Sicav, a Luxembourg based Ucits fund range.
The deal will see the Ucits distributed internationally by Ivy Funds Distributor – another subsidiary – although distribution for the Ucits range is intended to be done through a new subsidiary in turn of Ivy Funds Distributor to be called Ivy Global Investors.
The Sicav will also be re-named Ivy Global Investors, and the name attached to each of the sub-funds within the Sicav.
Thomas Butch, president and CEO of Ivy Funds Distributor said the changes would facilitate distribution both within the US and internationally.
“It expands our distribution network as well as the range of investors that can access the investment management expertise offered through the Ivy Funds,” he said.
The sub-funds affected include EMG Ivy Asset Strategy Fund and EMG Ivy High Income Fund, which have combined assets under management of approximately $247m.
Three other sub-funds are under review: EMG Ivy US Mid Cap Growth Fund, EMG Ivy US Large Cap Growth Fund and EMG Ivy Science and Technology Fund.
The deal will see some eight former EMG sales and marketing staff taken on by Ivy Funds. Additionally, EMG will partner with Ivy going forward to facilitate distribution in offshore jurisdictions in Italy, Braxil and Middle Eastern markets. It is also set to develop an EMG Sicav, offering fund of funds Ucits investing in offshore funds, Ivy managed sub funds, smart beta funds and ETFs.
Waddell & Reed Financial has about $131bn AUM through its subsidiaries such as Ivy IM.