Morningstar, Inc. Commentaries
Jul 15, 2014
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Waddell & Reed announced that the lead portfolio manager of several of its high-yield bond funds, William Nelson, was terminated from the firm for causes unrelated to his portfolio-management responsibilities. Nelson was appointed manager of the fund following the departure of previous lead manager Bryan Krug, who left the firm in November 2013 to join Artisan Partners. Chad Gunther, an 11-year veteran at Waddell & Reed, will replace Nelson as lead manager on several funds, including Ivy High Income Opportunities (IVH) and its open-end counterpart, Ivy High Income (IVHIX).