NEW YORK -- (Business Wire)
Zamansky LLC announces that it is investigating the Ivy Asset Strategy
Fund and the Waddell and Reed Asset Strategy Fund for potential breaches
of fiduciary duties to shareholders. The Ivy Asset Strategy Fund and the
Waddell & Reed Asset Strategy Fund are total return mutual funds that
are registered under the Investment Company Act of 1940. Both funds are
managed by subsidiaries of Waddell & Reed Financial Inc. (NYSE:WDR), a
public company with over $71 billion under management. The Funds trade
under these symbols - Ivy Asset Strategy: WASAX, WASBX and WASCX; and
Waddell & Reed Asset Strategy Fund: UNASX, WCASX and WBASX.
On May 15, 2014, Ryan C. Caldwell, a portfolio manager of both Funds,
resigned. At the time, the Ivy Asset Strategy Fund had $35 billion in
assets under management and was trading at $30 per share. Since his
resignation, the Ivy Asset Strategy Fund has fallen in value by more
than 30% and has lost billions of dollars in customer assets. The fund
now trades at $20 per share.
According to Jake Zamansky, investment fraud attorney, the Ivy Asset
Strategy Fund has performed far worse over this time than the Dow Jones
or S&P 500 Indexes. The Waddell & Reed Asset Strategy Fund has similarly
underperformed, he states. “We are examining the departure of Mr.
Caldwell and whether the Funds breached duties owed to shareholders,”
Zamansky says.
What Fund Investors Can Do
If you are an investor in the Ivy Asset Strategy or Waddell & Reed Asset
Strategy Funds who are still holding these funds, and wish to have your
investment reviewed or to discuss your legal rights, you may, without
obligation or cost to you, email jake@zamansky.com
or call the law firm at (212) 742-1414.
About Zamansky LLC
Zamansky LLC is a leading investment fraud law firm specializing in
securities, hedge fund and shareholder class action litigation, and
FINRA securities arbitration. We are investment fraud attorneys who
represent both individual and institutional investors. Our practice is
nationally recognized for our ability to aggressively prosecute cases
and recover investment losses.
To learn more about Zamansky LLC, please visit our website, http://www.zamansky.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160205005902/en/
Contacts:
Zamansky LLC
50 Broadway - 32nd Floor
New York, NY 10004
Jake
Zamansky, 212-742-1414
jake@zamansky.com
Source: Zamansky LLC
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