Michael Avery was named senior vice president and CIO of Waddell & Reed Financial as well as executive vice president and CIO of subsidiaries Waddell & Reed Investment Management and Ivy Investment Management, said Roger Hoadley, communications director. Mr. Avery replaces Henry Herrmann, who became CEO of the firm in May when Keith A. Tucker retired, Mr. Hoadley said. Mr. Herrmann had been president and CIO of Waddell & Reed Financial and the two investment management units; he remains chairman of the firm's investment policy committee. Mr. Avery was director of equity research for Waddell & Reed and the two subsidiaries. Portfolio manager Matthew Norris replaced Mr. Avery as director of research; Mr. Norris will remain portfolio manager of the firm's value funds, and Mr. Avery will remain portfolio manager of the firm's asset strategy funds. Waddell & Reed analysts Ryan Caldwell and Peter V. Morris were promoted to assistant portfolio managers. Mr. Caldwell will assist the asset strategy funds, and Mr. Morris will assist the value funds. Both will retain their analyst responsibilities.