MutualFundWire.com: ProFunds Hires a Marketing Pro

MutualFundWire.com

The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication

Monday, April 27, 2009

ProFunds Hires a Marketing Pro

ProFunds Group hired Richard Kendrick as managing director of marketing. He reports to ProFunds Group chairman and CEO Michael Sapir and succeeds Steve Cohen, who has moved to the new role of head of the strategy group.

Kendrick started at ProFunds on March 30, according to a company spokesman.

Previously, Kendrick spent a year and a half at RiverSource Investments, where he oversaw retail marketing for more than 70 funds. Earlier, he was director of product and program marketing at Rydex Investments which, like ProFunds. is based out of Bethesda, Maryland. Kendrick had also worked at Corporate Executive Board, Oppenheimer & Co, and Merrill Lynch.

ProFunds Group's product line consists of 76 ProShares short and leveraged ETFs, and 115 ProFunds mutual funds. The firm has close to $30 billion in AUM.

"As ProFunds Group has grown to nearly $30 billion in assets, we have been selectively adding some of the best talent in the industry to our team," Sapir said in a news release issued Monday morning.

In February, ProFunds hired Joanne Hill, a 17-year Goldman Sachs veteran, as head of investment strategy (see The MFWire, 02/12/09).

Company Press Release

BETHESDA, Md. - (Business Wire) ProFunds Group, the world's largest manager of short and leveraged funds,1 announced today that Richard Kendrick was recently named Managing Director, Marketing. Mr. Kendrick, most recently with RiverSource Investments, will oversee all marketing operations for ProShares ETFs and ProFunds mutual funds. He reports to ProFunds Group Chairman and CEO Michael L. Sapir, and replaces Steve Cohen, who is assuming new responsibilities as head of ProFunds' new Strategy Group.

"For years Rich has directed innovative campaigns that help financial professionals better understand leveraged and inverse investment products. We have admired his work for a long time and are delighted he's joined us," said Mr. Sapir. "As ProFunds Group has grown to nearly $30 billion in assets, we have been selectively adding some of the best talent in the industry to our team."

Mr. Kendrick joins ProFunds from RiverSource Investments in Minneapolis where he served as Vice President, Asset Management Marketing, and was responsible for overseeing the retail marketing of over 70 funds with combined assets of some $65 billion. Previously, Mr. Kendrick was Director, Product and Program Marketing, with Rydex Investments, where he managed the marketing initiatives for over 100 mutual funds and ETFs. He has also worked with the Corporate Executive Board, Oppenheimer & Co., and Merrill Lynch. Mr. Kendrick received his BS in management and communications from Adelphi University and his MBA from Duke University. He has also completed the Marketing Strategy Program at Harvard Business School.

About ProFunds Group

ProFunds Group includes 76 ProShares short and leveraged ETFs, and 115 ProFunds mutual funds. ProShares, which introduced the first short and leveraged ETFs in 2006, continues to be a leader in launching innovative new products—for two years in a row, ProShares has led the industry in attracting assets to newly launched ETFs2 and now is the fourth largest manager of ETFs in the nation3. Since 1997, ProFunds mutual funds have provided investors with easier access to sophisticated investment strategies, with offerings that include funds that seek to magnify daily index performance and funds that seek to increase in value when markets decline. The group also manages the Canada-based Horizons BetaPro ETFs.