Timothy J. Miller was named vice president and portfolio manager of the Waddell & Reed Target Small Cap Value Portfolio and the Ivy Small Cap Fund, confirmed Roger Hoadley, Waddell & Reed spokesman. The funds had been subadvised by BlackRock Capital Management. This change is a result of the opportunity we had to bring into our organization someone with Tims skills, and is not a reflection on BlackRock, Michael Avery, CIO for both Waddell & Reed Investment Management Co. and Ivy Investment Management Co., said in a news release. Mr. Miller, former CIO of Invesco Funds Group, settled market-timing allegations with the SEC in August 2004; he was fined $150,000 and was barred from serving as a chairman, director or officer of any investment adviser for three years. He did not admit or deny any of the SEC allegations. Mr. Miller managed his own company in Denver, Personal Portfolio Management, since 2004, Mr. Hoadley said.