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Ivy Funds Thomas W Butch

Ivy Funds to introduce NextShares exchange-traded managed funds


Ivy Investment Management Company, a subsidiary of Waddell & Reed, is teaming up with with Navigate Fund Solutions, to support the launch by Ivy Funds of a family of NextShares exchange-traded managed funds.

“Adapting to evolutions in the product landscape has always been one of Ivy’s priorities, as we seek to deliver our investment products in structures that the marketplace may desire,” says Thomas W Butch (pictured), president and CEO of Ivy Funds Distributor, Inc, and executive vice president of Ivy’s parent firm Waddell & Reed Financial, Inc. “NextShares can be a progressive way to offer Ivy’s actively managed products.” 

Butch says that NextShares also may be considered for Waddell & Reed Advisors Funds, Waddell & Reed’s other retail fund family.

NextShares are a new type of actively managed fund designed to have built-in cost and tax efficiencies. Like actively managed mutual funds, they are managed by an investment team that seeks to outperform a benchmark index. However, unlike conventional exchange-traded funds (ETFs), NextShares are designed to protect the confidentiality of fund trading information and provide buyers and sellers of shares with transparency and control of their trading costs. As a result, NextShares potentially offer attractive features unavailable in other investment products. 

"Ivy Funds is an innovative and respected investment manager that we’re pleased to add as a NextShares partner," says Stephen W Clarke, president of Navigate. "Together with broker-dealers, we seek to evolve the delivery of active management to a higher-performing and more efficient fund structure."

Among other things, the Ivy Funds launch of NextShares is subject to securing exemptive order relief from the Securities and Exchange Commission to allow it to manage exchange-traded managed funds, as well as the development of implementation technology by broker/dealers and other market participants.

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