Ivy Investment Management has entered into a fund adoption transaction agreement with Emerging Managers Group (EMG).

The agreement will enable Ivy to serve as investment adviser and distributor of EMG’s selector management fund SICAV, a Luxembourg-domiciled umbrella UCITS fund range.

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The transaction is expected to close on 30 June 2014. Upon completion of the deal, EMG’s UCITS funds will be distributed globally by Ivy Funds Distributor, and will be managed by Ivy (its affiliate Waddell & Reed Investment Management Company).

Additionally, Ivy Funds is planning to set up a new subsidiary of Ivy Funds Distributor called, Ivy Global Investors, for the distribution of the UCITS fund range. Also the SICAV will be re-named Ivy Global Investors after the creation of the subsidiary.

Under the deal, Ivy Funds intends to appoint approximately eight former EMG employees, primarily involved in sales and marketing.

Meantime, EMG will team up with Ivy for the distribution of the Ivy products in numerous offshore jurisdictions such as Italy, Brazil, and certain Middle Eastern markets.

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Thomas Butch, president and CEO of Ivy Funds Distributor, said: "This transaction enables us both to serve the non-resident customer market through national broker/dealer firms in the United States and to establish greater international distribution of Ivy’s investment management capabilities. It expands our distribution network as well as the range of investors that can access the investment management expertise offered through the Ivy Funds."