Waddell & Reed Financial Monday said Michael L. Avery has been promoted to senior vice president and chief investment officer. In addition, Avery was also appointed executive vice president and chief investment officer of subsidiaries Waddell & Reed Investment Management Co. and Ivy Investment Management Co.

Avery has worked on Waddell & Reed's investment management team for the past quarter century, 24 years to be exact. He most recently served as director of equity research. Filling his role as head of research will be Matthew T. Norris, a 13-year veteran and current portfolio manager.

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