Waddell & Reed Financial, Inc. Announces Portfolio Manager Changes

OVERLAND PARK, Kan.–(BUSINESS WIRE)–Waddell & Reed Financial, Inc. (NYSE: WDR) today announced changes to
responsibilities for certain portfolio management personnel, including
separation of two portfolio managers.

Bradley M. Klapmeyer will assume the lead portfolio management
responsibilities of the large cap growth product suite, with Daniel P.
Beckeri departing the company. Klapmeyer is currently the
co-manager of these assets and has been an integral member of the large
cap growth product team since 2011. Klapmeyer will continue to be
supported by Assistant Portfolio Manager Gage T. Krieger, who has been
with the firm for six years and a member of the large cap growth team
since 2016.

I am confident that Brad’s tenure as co-portfolio manager and his
18-year investment background have equipped him with the knowledge and
experience needed to execute the strategy’s disciplined investment
process and sustain and build upon its successful long-term track
record,” said Philip J. Sanders, Chief Executive Officer and Chief
Investment Officer of Waddell & Reed Financial, Inc.

Mark G. Beischel, Global Head of Fixed Income and a 20-year veteran of
the company, along with Susan Regan, a portfolio manager with over 10
years of experience with the company, will on an interim basis assume
the portfolio management responsibilities of Eric C. Perryii,
who also has departed the company.

The company indicated neither portfolio manager departure was due to
investment performance, fraud, misappropriation of company or client
funds, violations of any securities or investment-related statutes,
rules or regulations, or findings of workplace harassment.

Our transition in recent years toward team-managed portfolios, our deep
commitment to in-house research capabilities and our long standing
culture of collaboration means we are well positioned to move forward
with continuity. As always, our focus remains on helping our clients
achieve their financial goals, with a firm commitment to upholding our
core values,” Sanders concluded.

About the Company

Through its subsidiaries, Waddell & Reed Financial, Inc. has provided
investment management and financial planning services to clients
throughout the United States since 1937. Today, we distribute our
investment products through the unaffiliated distribution channel
(encompassing broker/dealer, retirement, and registered investment
advisors), our broker-dealer channel (through independent financial
advisors), and our Institutional channel (including defined benefit
plans, pension plans, endowments and subadvisory relationships). For
more information, visit 
ir.waddell.com.

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 mutual funds managed by Ivy Investment
Management Company, call your financial advisor or visit
www.waddell.com
or
www.ivyinvestments.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.

____________________________
i With Bradley M.
Klapmeyer, Daniel P. Becker served as a co-portfolio manager for
approximately $2.7 billion of separate account assets, as of March 31,
2018, and for the following mutual funds: Ivy Large Cap Growth Fund; Ivy
Focused Growth NextShares™; and Ivy VIP Growth Portfolio.

ii Eric (“Rick”) C. Perry served as portfolio manager or a
co-portfolio manager for the following mutual funds: Ivy Balanced Fund;
Ivy Bond Fund; Ivy Crossover Credit Fund; Ivy Government Securities
Fund; Ivy VIP Balanced Portfolio and Ivy VIP Bond Portfolio.

Contacts

Waddell & Reed Financial, Inc.
Investor Relations
Contact:
Nicole Russell, 913-236-1880
VP, Investor Relations
or
Media
Contact:
Roger Hoadley, 913-236-1993
VP, Communications