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Tuesday, February 02, 2016|
Ivy's Avery Heads Out
Mike Avery is leaving Ivy Funds [profile].
There is no word yet on any successors for Avery's president role, although according to Waddell's release, "Avery will assist in the transition of his responsibilities to others within the Company." And a spokesman for Waddell tells MFWire that "Mike Avery's duties as co-manager of the Asset Strategy portfolios required the majority of his time and focus."
"Mr. Avery's responsibilities as President will be transitioned to existing officers of the company," the spokesman confirms.
The Waddell spokesman confirms that "there are no plans to add to the [Asset Strategy] team at this time."
Meanwhile, this morning Waddell also issued its earnings report for the fourth quarter of 2015. The Overland Park, Kansas-based brokerage beat expectations, by $0.01 per share on earnings and by $10.8 million on revenue.
Yet Waddell reported year-over-year declines in: net income (down 22 percent from Q4 2014); operating income (down 23 percent from Q4 2014); operating revenue (down nine percent from Q4 2014); operating margin (25.3 percent, down from 30.0 percent in Q4 2014); and AUM ($104 billion on December 31, 2015, down 16 percent from $124 billion on December 31, 2014). Expenses also fell three percent year-over-year.
"Heightened market volatility has been a consistent theme throughout 2015, challenging performance and causing anxiety with investors," Herrmann states. "In addition to market challenges, we have had to manage increased redemption pressure and weaker sales in some of our key strategies due in part to underperformance in these funds. In light of lower levels of assets under management, we are evaluating operating expenses to align our cost structure with revenues."
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