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Waddell & Reed Plans Tax-Managed Fund

The money management arm of Waddell & Reed Financial of Overland Park, Kan. is planning to offer a tax-managed fund.

Waddell & Reed Investment Management Company has formed the United Tax-Managed Equity Fund, according to a registration statement filed with the SEC Jan. 20. United Tax-Managed Equity expects to invest primarily in mid- and large-cap companies, according to the registration statement. The fund's long-term goal is growth while minimizing taxable gains and income.

Cynthia P. Prince-Fox will be the primary portfolio manager of the fund, according to the registration statement.