Waddell & Reed Financial has appointed Daniel Scherman to the newly created role of chief risk officer for its investment adviser subsidiaries, Waddell & Reed Investment Management Company and Ivy Investment Management Company.
Scherman will be tasked with carrying out policies and procedures related to the firm’s investment risk management capabilities, and offering portfolio oversight. He will also serve as chair of the investment risk management committee.
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He will report to the firm’s senior vice president and chief administrative officer – investments John Sundeen, Jr. and indirectly report to CIO and incoming CEO Philip Sanders.
Scherman previously spent almost a decade as SVP, chief risk officer and portfolio manager at Janus Capital Group.
He also had a 13-year spell at MFS Investment Management as global fixed income portfolio manager, equity portfolio manager and senior quantitative analyst.
Waddell & Reed Financial executive vice president and chief marketing officer Thomas Butch said: "Dan will play an important role in helping to articulate our portfolio risk management philosophies and practices to all of our constituencies in the institutional and retail distribution markets.
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By GlobalData"This should further strengthen their understanding of, and confidence in, our investment process."
