Waddell & Reed Financial has appointed Rick Perry as portfolio manager on two funds worth a total of $3.6 billion.
He has joined Matthew Hekman in managing both funds.
Over the past three years that Ivy Balanced fund has returned 9.5% in comparison to the average fund in the sector which has returned 14.2% over the same period.
This past year, the fund has done slightly better but still underperformed its peer group, returning 8.2% in comparison to the average fund in its sector which returned 12.3% over the same period.
He joined the firm in October 2015 as a portfolio manager after leaving Aegon USA Investment Management, where he was head of investment grade bond credit and a portfolio manager on Aegon’s Investment Grade Bond and Stable Value Portfolios.
Phil Sanders, chief executive of Waddell & Reed and chief investment officer of Ivy Investments said: ‘I am confident that Rick’s diverse fixed income experience combined with Matt’s extensive equity background will prove to be a potent combination in the management of our suite of balanced products moving forward.’
A spokesperson confirmed the contents of the filing.
Recently, RBC Capital Markets released an asset management analysis which outlines that it is cautious about Waddell & Reed due to the consistent outflows which the firm has suffered.
The wealth manager also noted that Waddell & Reed has a product set that is unlikely to adapt to the shifting industry landscape.