A round of musical chairs has descended on Waddell & Reed. The Overland Park, Kansas-based firm on Tuesday unveiled a host of portfolio management changes at its two subsidiaries, Waddell & Reed Investment Management Company and Ivy Investment Management Company.

Chace Brundige has been tapped portfolio manager of the Waddell & Reed Advisors Tax Managed Equity Fund, replacing Barry Ogden, who will concentrate on his management chores at the WRA Accumulative Fund and Ivy Capital Fund. Brundige was most recently assistant portfolio manager on the large cap growth equity team.

Erik Becker and Gus Zinn will become co-portfolio managers of the Ivy Core Equity Fund. They take the reins from Jim Wineland, who will focus on running the Advisors Core Investment Fund and W&R Target Core Equity Portfolio. Becker and Zinn previously served as assistant portfolio managers of the Ivy Core Equity Fund, among other responsibilities.

Bryan Krug was named portfolio manager of the Ivy High Income Fund, succeeding Louise Reike, who will concentrate on her management duties at the Advisors High Income Fund. Krug joined Waddell & Reed in 2001 as an investment analyst.

John Maxwell will become co-manager of the Ivy International Fund, joining Thomas Mengel. Maxwell, who joined Waddell in 1998 as an investment analyst, has been part of the international team since 2004.

Pete Morris was named assistant portfolio manager of the Waddell & Reed Advisors, Ivy and W&R Target Dividend Income Funds. He will also serve as assistant portfolio manager of the Ivy Energy Fund and the W&R Target Energy Fund and the W&R Target Energy Fund when they debut later this year. Morris was most recently assistant portfolio manager of the Advisors, Ivy and W&R Target Value Funds.

Robert Nightingale will become assistant manager to the international team. Robert, who joined Waddell in 1996 as an investment analyst, was named assistant vice president in 2001, with research responsibility for Canada and Europe.

Sarah Ross has been tapped assistant portfolio manager to the large cap growth team. She joined the firm in 2003 as an investment analyst.

"These managers have each shown an insight and research ability that has contributed to our solid performance in recent years, and I am pleased that they are taking on new responsibilities," said Mike Avery, chief investment officer, in a statement.

The changes take effect immediately, a company spokesperson said. 

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