Waddell & Reed Financial, a US-based investment management firm, has appointed Philip Sanders as chief investment officer (CIO) of Waddell & Reed Investment Management Company and Ivy Investment Management Company.

Sanders will succeed Michael Avery who was appointed president of Waddell & Reed Financial this January.

Sanders will report to Avery, who has held the role of CIO since 2005. Avery will retain his role as co-portfolio manager of Ivy Asset Strategy Fund and Waddell & Reed Advisors Asset Strategy Fund.

Sanders, who has 22 years of investment industry experience, will maintain his portfolio management responsibilities, remaining directly involved in co-managing the company’s large cap growth product suite. He joined Waddell & Reed in 1998 as a vice president and portfolio manager.