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Rating:Ivy Funds Plans an Expansion of its Wholesaler Ranks

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Wednesday, October 31, 2007

Ivy Funds Plans an Expansion of its Wholesaler Ranks

Reported by Armie Margaret Lee

Ivy Funds plans to expand its wholesaling team in the coming months, according to Ivy Funds Distributor's top executive.

Thomas Butch
Ivy Funds Distributor
President and CEO
In an interview with The MFWire, Thomas Butch, president and CEO of Ivy Funds Distributor, said the firm plans to bring on board 10 wholesalers whose exclusive focus will be on independent advisors.

Ivy hopes to fill those posts by the end of next year.

"Our efforts today are primarily geared toward the wirehouse channel," Butch said. "We're turning our attention to a channel where we have lesser penetration."

At present, Ivy Funds has a total of 31 wholesalers, 25 of whom are focusing on the broker-dealer and wirehouse channels. The rest are dedicated to the retirement channel and RIAs.

Ivy also plans to grow its team of wholesalers focusing on the retirement space, Butch said.

At the end of the third quarter, assets under management in Ivy's fund family reached $20 billion.  

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