A number of senior executives have left Waddell & Reed Financial, with its broker-dealer unit, Waddell & Reed Financial Advisors, seeing headcount fall 29.6% over the past year. The company has also been hit by a wave of lawsuits from investors who claim that it misled them about how much money they would be getting in their retirement accounts.
A number of senior executives have left Waddell & Reed Financial, with its broker-dealer unit, Waddell & Reed Financial Advisors, seeing headcount fall 29.6% over the past year. General counsel and chief legal officer of Waddell & Reed Financial, Wendy Hills, left on 17 April, and the following day the departure of Nikki Newton, president of its mutual funds distributor, Ivy Distributors, was announced.