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Monday, May 08, 2006|
New Name, New Executive Team For Potomac Funds
The Potomac Funds has rechristened itself Direxion Funds as part of a string of moves aimed at positioning the nine-year-old company for further growth.
Apart from the name change, which took effect April 28, the firm also unveiled a new executive team, opened a new executive and sales office, and announced plans to roll out a slew of funds in the coming months.
"We're taking the company and the leveraged index and alternative-class mutual fund category in exciting new directions," said Ron Fernandes, the company's new chief executive officer, in a statement.
Other new faces on the management team include William Franca, who takes the title of executive vice president, national sales, and Todd Kellerman, vice president, business services.
Daniel O' Neill, who has been responsible for growing the firm to roughly $1 billion in assets, continues as president and chief investment officer.
"We think there is significant growth to be had in the leveraged index and alternative-class mutual fund industry," said O' Neill in an interview, pointing out that the sector has approximately $22 billion of assets under management, compared with more than $9 trillion in the overall fund market.
Last week, Direxion Funds secured approval from the Securities and Exchange Commission for approximately 30 new funds, the rollout of which will occur in phases during the year. The firm plans to offer as much as 16 Bull and Bear 2.5x leveraged index funds before the year closes. By the end of 2006, Direxion plans to have a total of about 50 funds on its lineup.
In addition, Direxion is looking to boost the number of wholesalers on its team and build a new sales desk to support wholesalers and their clients, company officials said.
The firm has also opened new executive offices in Boston, which include the sales, marketing, product and administrative services units. Direxion's investment management and trading operations remain in New York City.
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