Rydex Funds Hires Despite Asset Decline
May 14, 2001
Rydex Funds of Rockville, Md. has hired Mark Adams to fill a newly created position as marketing manager for the company's retail channel, Rydex has announced. Adams most recently was director of institutional marketing at FolioFN of Vienna, Va.
The company hired Adams to tap what it sees as a promising channel, a spokesperson said. Rydex has historically sold through registered investment advisors, but the firm now has 35 percent of its assets invested through retail channels, solely the result of word-of-mouth sales, the spokesperson said.
The company has also hired Brian Lynch, a wholesaler who will cover the north central territory from Boston. He most recently worked at Evergreen Funds of Boston.
The new hires come at a time when Rydex's assets have declined considerably. The company had $8.5 billion in assets last summer. That figure has declined to $5.5 billion as of May 2. Yet, the company plans to continue hiring and does not plan any layoffs soon, the spokesperson said. Rydex still has five open wholesaler positions, which it hopes to fill immediately.
The company is continuing to hire even thought assets are declining because it is maintaining a long-term perspective, the spokesperson said.