OVERLAND PARK, Kan.--(BUSINESS WIRE)--Waddell & Reed Financial, Inc. (NYSE:WDR) has appointed Shawn M. Mihal as Senior Vice President, Chief Regulatory Officer (CRO) and Chief Compliance Officer (CCO) of its two broker-dealer subsidiaries, Waddell & Reed, Inc. and Ivy Funds Distributor, Inc. Mihal takes over for Terry L. Lister, who is retiring after 10 years as CRO and CCO with the firm and more than 37 years in the securities industry as an attorney, regulator, and compliance professional.
Mihal will oversee the compliance process for Waddell & Reed’s financial advisors sales channel as well as its Ivy Funds wholesaling activities. He will be involved at a senior level in compliance surveillance, the interpretation and application of various regulatory statutes and rules on both a federal and state level, and will provide advice and recommendations with regard to the design and implementation of compliance and risk management programs.
“Shawn brings to our broker/dealers broad experience in all aspects of compliance and regulatory oversight and is well positioned to carry forward the culture of compliance emphasized under Terry Lister,” said Thomas W. Butch, CEO of Waddell & Reed, Inc. and of Ivy Funds Distributor, Inc.
Mihal is a 15-year industry veteran with compliance analytics and management roles across two firms. Most recently he was Vice President and Chief Compliance Officer with Transamerica Financial Advisors, Inc., where he was responsible for all regulatory compliance functions, including sales practice/pre-litigation complaints, branch examinations, monitoring and surveillance, and investment advisory compliance. He led a staff of 30 compliance professionals that supported over 5,000 Transamerica investment professionals in 1,000 branch offices across the country. Prior to Transamerica, he spent 11 years with Great American Advisors, Inc. in a variety of compliance roles, including six years as Chief Compliance Officer.
Mihal will report to Wendy J. Hills, Senior Vice President and General Counsel of parent firm Waddell & Reed Financial, Inc.
Lister retires as one of the most respected and knowledgeable individuals in the compliance and securities regulatory field. Prior to his role with Waddell & Reed, he served as General Counsel and Director of Government Affairs with the Financial Services Institute, a trade organization of independent broker-dealers. He also served as General Counsel with Cambridge Investment Research, Inc. Prior thereto, he spent 16 years in private law practice representing broker/dealers and investment advisers in regulatory and compliance issues. He also had roles with NASD District 3, Missouri Securities Division, and was assistant Missouri Attorney General in 1977-78.
About the Company
Waddell & Reed, Inc., founded in 1937, is one of the oldest mutual fund complexes in the United States, having introduced the Waddell & Reed Advisors Group of Mutual Funds in 1940. Today, we distribute our investment products through the Wholesale channel (encompassing broker/dealer, retirement, and registered investment advisors), our Advisors channel (our network of financial advisors), and our Institutional channel (including defined benefit plans, pension plans and endowments, and our subadvisory partnership with Mackenzie in Canada).
Through its subsidiaries, Waddell & Reed Financial, Inc. (NYSE: WDR) provides investment management and financial planning services to clients throughout the United States and internationally. Waddell & Reed Investment Management Company serves as investment advisor to the Waddell & Reed Advisors Group of Mutual Funds, Ivy Funds Variable Insurance Portfolios and InvestEd Portfolios, while Ivy Investment Management Company serves as investment advisor to Ivy Funds and the Selector Management Fund SICAV, an umbrella UCITS fund range domiciled in Luxembourg. Waddell & Reed, Inc. serves as principal underwriter and distributor to the Waddell & Reed Advisors Group of Mutual Funds, Ivy Funds Variable Insurance Portfolios and InvestEd Portfolios, while Ivy Funds Distributor, Inc. serves as principal underwriter and distributor to Ivy Funds and global distributor to Selector Management Fund SICAV.
Investors should consider the investment objectives, risks, charges and expenses of a fund carefully before investing. For a prospectus, or if available, a summary prospectus, containing this and other information for any of the Waddell & Reed Advisors or Ivy Funds, call your financial advisor or visit www.waddell.com or www.ivyfunds.com. Please read the prospectus or summary prospectus carefully before investing.
Investment return and principal value will fluctuate, and it is possible to lose money by investing. Past performance is not a guarantee of future results.