Waddell & Reed Stops Pursuit Of Consultancy Deal With Former Portfolio Manager

(RTTNews) - Waddell & Reed Financial Inc. (WDR) said Friday that it has discontinued pursuit of consultancy agreement with former portfolio manager Ryan Caldwell.

Caldwell, formerly co-portfolio manager of the company's Asset Strategy portfolios—including mutual funds and institutional accounts—resigned from the firm effective June 15, 2014. At that time, the firm indicated that Waddell & Reed and Caldwell would enter a two-year consultancy agreement. After further discussion and consideration, it was determined that the consulting agreement was not essential to the ongoing investment process.

Michael Avery, who has managed the Asset Strategy portfolios for 17 years, continues as portfolio manager and leads the five-member Asset Strategy team.

In a separate press release, Waddell & Reed Financial noted that its board approved a quarterly dividend on its Class A common stock of $0.34 per share payable on August 1, 2014 to stockholders of record as of July 11, 2014.

Waddell & Reed Financial will announce second quarter 2014 earnings before trading begins on the New York Stock Exchange, Tuesday, July 29, 2014.