Ivy Funds has expanded its global product line with the launch of the Ivy Global Equity Income Fund. The firm has also changed the Ivy International Balanced Fund to Ivy Global Income Allocation Fund to expand its mandate into a go-anywhere equity and fixed-income fund.

Ivy Global Income Allocation Fund is co-managed by John Maxwell and W. Jeffery Surles and will bet on equities, fixed-income securities and non-investment grade debt securities.

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