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Waddell & Reed appoints Daniel Scherman as chief risk officer for investments

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Waddell & Reed Financial has appointed Daniel G Scherman (pictured), as senior vice president of its investment adviser subsidiaries, Waddell & Reed Investment Management Company and Ivy Investment Management Company, in the newly created role of chief risk officer.

“Waddell & Reed has always focused on delivering solid long-term investment performance to our clients,” says Philip J Sanders, chief investment officer and incoming chief executive officer of Waddell & Reed Financial. “Our investment team collectively believes in the strength of our investment process, which we believe will be enhanced by the addition of Dan to the team.”
 
Scherman will be responsible for enhancing and executing policies and procedures related to investment risk management capabilities across the firm, providing comprehensive portfolio oversight, and serving as chair of the investment risk management committee. He will report to John E Sundeen, Jr, senior vice president and chief administrative officer – investments and indirectly report to Sanders in his upcoming role as chief executive officer.
 
"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," says Thomas W Butch, executive vice president and chief marketing officer. "This should further strengthen their understanding of, and confidence in, our investment process."
 
Among his previous experience, Scherman, 54, served for nearly 10 years as SVP, chief risk officer and portfolio manager at Janus Capital Group, and 13 years at MFS Investment Management where he held the roles of global fixed income portfolio manager, equity portfolio manager and senior quantitative analyst. 

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