What is it the consultants say? Sales people are the last hired and first fired by asset managers in a downturn? If that aphorism holds true, then it looks more and more like the fund industry has sopped up a good portion of the excess capacity it built during the late Nineties bull run. One sign of this is the increased willingness of fund firms to hire sales people in anticipation of new growth. The latest to make these plans is ICON Advisors.

ICON is adding to its sales force as part of an effort to increase distribution of its ICON Funds. The Colorado-based fund firm has added four internal wholesalers to bring its total staff to 12. It has also added administrative support.

Stephen C. Holmes, executive vice president and chief sales and marketing officer, explained that ICON hired sales staff in anticipation of an expansion of ICON's external sales force in early 2006.

He added that the external wholesalers will be hired to focus on financial advisers and increased service through existing financial adviser relationships. ICON will expect the new hires to pursue new business through ICON's broker-dealer partners.

"The internal sales desk is a key component of a distribution strategy which began early in 2004. We anticipate the efforts of the internal sales desk will have a measurable impact on ICON's growth," said Holmes. "Our goal is to provide financial solutions that financial advisers can use to meet their financial goals."  

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