Waddell & Reed will merge six Ivy Funds into the W&R Funds family, and operate all of the funds under the name Ivy. The consolidation will result in the Ivy brand managing $1.5 billion of assets through 18 funds.

Waddell & Reed Advisors Funds, meanwhile, will remain intact.

Merging the funds is intended to "enhance the attractiveness of the Ivy Funds for financial advisors and shareholders," said Thomas W. Butch, EVP and chief marketing officer of W&R.

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