Waddell & Reed Financial Inc. has named a new president to oversee the mutual fund company’s financial adviser sales force.
Derek Burke will run Waddell & Reed Inc., which has about $44 billion in assets under management and 1,737 financial advisers across the country. Burke will start Monday, the Overland Park-based company said.
He will take over a position previously held by Thomas Butch, who is also executive vice president of Waddell & Reed Financial and chief executive of Waddell & Reed Inc.
Burke was previously chief executive officer of First Investors Advisory Services LLC and president of First Investors Management Co., which manages $10 billion in assets and has more than 500 financial advisers.
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Separately, the fund company announced that William Nelson, portfolio manager for the firm’s high income funds, “has been terminated for cause as set forth in his employment agreement.” Waddell & Reed said Nelson’s departure was unrelated to his portfolio management responsibilities.
The company named Chad Gunther, the assistant portfolio manager for the high income funds, as Nelson’s replacement.
| The Star