Ivy Investment Management finalises adoption of Selector Management Fund SICAV
Ivy Investment Management Company and Ivy Funds Distributor Inc have completed a fund adoption transaction with Emerging Managers Group (EMG).
Ivy will take over responsibility as investment adviser and global distributor of the Selector Management Fund SICAV, an umbrella UCITS fund range domiciled in Luxembourg.
The UCITS funds now are distributed internationally by Ivy Funds Distributor, Inc, DBA Ivy Global Investors, and managed by Ivy Investment Management Company (its affiliate Waddell & Reed Investment Management Company previously served as subadvisor to the funds).
Sub-funds of the SICAV included in the fund adoption transaction are Ivy Global Investors Asset Strategy Fund and Ivy Global Investors High Income Fund, which have combined assets under management of approximately USD247 million. Three other sub-funds will be launched in the near future: Ivy Global Investors Mid Cap Growth Fund, Ivy Global Investors Large Cap Growth Fund and Ivy Global Investors Science and Technology Fund.
“This is the next step in expanding our distribution network internationally, reaching investors in key growth markets around the world,” says Thomas W Butch, president and CEO of Ivy Funds Distributor, Inc. “Both non-resident customers of US broker/dealer firms, as well as investors globally, now may have access to the investment management expertise offered through Ivy Funds.”
Going forward, EMG will partner with Ivy through the distribution of the Ivy products in numerous offshore jurisdictions in Italy, Brazil, and certain Middle Eastern markets, as well as through an EMG SICAV, currently in the process of formation, in the management of a fund-of-funds UCITS that invests in various offshore active funds, including Ivy-managed sub-funds, “smart beta” funds and ETFs.
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