Waddell & Reed adds managers to asset strategy mutual funds

Waddell & Reed Financial Inc. made good on a May promise to provide “additional resources” to its blockbuster asset strategy funds.

The Overland Park-based fund company named Cynthia Prince-Fox and Chace Brundige a portfolio managers for the $44.7 billion in investors’ money. They join Michael Avery, Waddell & Reed’s president, in leading the group of mutual funds and institutional accounts following the same investment strategy.

Prince-Fox has been with Waddell & Reed since 1983 and has managed $5.3 billion in various balanced, dividend and income funds. Brundige joined the company in 1996 and managed $1.6 billion in growth equity funds.

Waddell’s asset strategy funds had been co-managed by Ryan Caldwell until he left the post in mid-May. The company sought to negotiate a consulting arrangement with Caldwell but those talks ended in June.

Adding the two new managers brings the asset strategy team to eight members. The group manages by investing in any market that it sees as offering high return or, during uncertain times, high safety.

Waddell & Reed announced other manager changes, including successors for Prince-Fox and Brundige on their other funds.

This story was originally published August 4, 2014 at 11:57 AM with the headline "Waddell & Reed adds managers to asset strategy mutual funds."