Waddell & Reed acquired Mackenzie Investment Management, adviser for the Ivy Funds and a subsidiary of Mackenzie Financial, for $74 million. Mackenzie Investment will be part of Waddell & Reed, said Thomas Butch, Waddell & Reed chief marketing officer. The Ivy Funds brand name will be retained within Waddell & Reed's mutual fund family, currently comprising no-load funds. No decisions have been made as to whether staff or portfolios will be consolidated, said Mr. Butch.
Separately, Waddell & Reed will manage about $1 billion in subadvised assets for Mackenzie Financial under the deal. Waddell & Reed also will take over management of additional assets currently run by Mackenzie, its Canadian-based mutual fund family, Universal Funds, and Mackenzie Financial parent Investor's Group.
