Waddell & Reed ends talks with former fund manager

Waddell & Reed Financial Inc. said Friday it has ended talks with a former manager of one of its largest mutual funds regarding a two-year consultant agreement. The Overland Park-based fund company said discussions with Ryan Caldwell, who resigned on June 15 after helping to manage the Asset Strategy portfolios, had “not come to fruition and (are) not being pursued.”

The Asset Strategies funds have about $44.7 billion in assets under management. Michael Avery has managed Asset Strategies portfolios for 17 years, and leads a five-member team.

The Star

This story was originally published June 20, 2014 at 10:25 AM with the headline "Waddell & Reed ends talks with former fund manager."