CEF Update: News You Can Use
Ivy High Income Opportunities has a second manager change in less than a year.
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).
This is the second lead-manager change for these funds in less than 12 months. While each of these changes seems unrelated, the instability at the top of these funds is concerning. For more details regarding these changes, please click here.
Sumit Desai, CFA does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.