Ivy Investment Management Company and Ivy Funds Distributor have completed a fund adoption agreement with Emerging Managers Group (EMG) allowing Ivy to assume responsibility as investment adviser and global distributor of the Selector Management Fund SICAV.
As part of the transaction, the Luxembourg-domiciled UCITS fund range, will be distributed internationally by Ivy Funds Distributor and will be managed by Ivy (its affiliate Waddell & Reed Investment Management Company).
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Under the agreement, the UCITS SICAV comprises sub-funds including Ivy Global Investors Asset Strategy Fund and Ivy Global Investors High Income Fund, which have combined assets under management of approximately $247 million.
However, three other sub-funds including Ivy Global Investors Mid Cap Growth Fund, Ivy Global Investors Large Cap Growth Fund and Ivy Global Investors Science and Technology Fund, are expected to be launched in the coming future.
Additionally, the partnership with Ivy will enable EMG to distribute the Ivy products in numerous offshore jurisdictions in Italy, Brazil, and certain Middle Eastern markets, as well as via an EMG SICAV.
The EMG SICAV will manage 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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By GlobalDataThomas Butch, president and CEO of Ivy Funds Distributor, said: "This is the next step in expanding our distribution network internationally, reaching investors in key growth markets around the world. Both non-resident customers of U.S. broker/dealer firms, as well as investors globally, now may have access to the investment management expertise offered through Ivy Funds."
