Waddell & Reed Financial said on Monday it has appointed Terry L. Lister chief regulatory officer of its two broker/dealerf subsidiaries, Waddell & Reed and Ivy Funds Distributor.
As CRO for both distributors, Lister is responsible for overseeing the compliance process for Waddell & Reed's proprietary sales channel and its wholesaling operations. He will be involved at a senior level in sales suitability oversight, the interpretation and application of securities regulations and will provide recommendations as to the makeup and implementation of compliance and risk management programs.
"As a member of the senior management team for our broker/dealers, Terry will play a key role in helping to ensure that we reflect a culture of compliance," said Thomas W. Butch, president of Waddell & Reed and Ivy Funds Distributor. "He is well known and respected in the securities industry and brings nearly 30 years of broad experience in compliance and regulatory oversight. This will help to guide our policies and practices and to ensure our compliance with the myriad regulations under which we operate."
Lister has spent his entire career in the compliance and regulation field, most recently as general counsel and director of government affairs with broker/dealer trade association Financial Services Institute.
He has also served as general counsel with Cambridge Investment Research. Prior to that, Lister served 16 years in private practice. His distinguished career also includes terms as chief of enforcement with the Missouri Securities Division, Missouri assistant attorney general and a stint with the NASD.