The Boston-based mutual fund company is expanding its executive sales team, changing a fund's name and strategy, and adding a portfolio manager.

Direxion Funds has added four regional vice presidents and one more VP for its sales desk, according to a release issued Monday.

In an exclusive interview with the MFWire, Direxion CEO Ron Fernandes described the additions in terms of Direxion's recent name and image change (until May, the fund firm was known as Potomac Funds).

"It's all part of the new strategic plan," Fernandes explained, promising that more hiring announcements are coming up, and adding that Direxion is also launching funds. "We'll end the year north of 50 funds. We're releasing them in waves."

Jeffrey D. Breese, a vice president and annuity specialist at MFSLF Distributors Inc., joins the wholesaling team as a regional vice president in New England. Breese previously worked at Sun Life of Canada and Sun Life Distributors Inc..

Robyn Larkin, a regional vice president and annuity specialist at MetLife Investors, will take over Direxion's internal sales desk. Prior to her time at MetLife, Larkin served in a similar capacity at MFS Sun Life Financial, and as a customer service representative at Putnam Investments.

Michael E. Matarazzo will serve as regional vice president for the Midwest. Matarazzo hails from a similar role at Sun Life Financial, before which we worked as a business development manager-team leader at MFS Investment Management.

Steve Ravenna, a regional sales consultant and internal wholesaler with Heritage Asset Management/RJF. will take the wheels for Direxion in the Southeast. Ravenna has also worked at A.G. Edwards and Sons Inc., Cassedy Financial Group, First Allied Securities, Management Recruiters International, Mobil Oil and RP Consulting Group Inc..

Samuel Saucedo takes the reins in the Mid South for Direxion, after serving as a regional vice president of wholesaler-variable and index annuities for Sun Life Financial. He previously worked with Dean Witter Reynolds, SEI Investments/Compass Bank and Van Kampen Funds.

Fernandes is ecstatic about the new hires, most of whom worked with him and Bill Franca, now executive vice president of distribution at Direxion, somewhere at Sun Life.

"Bill and I had worked together since 1999," Fernandes admitted. "We went back and hand-picked them. These are all top guys and we're very proud of that."

Direxion has also renamed its commodity bull fund the Direxion Commodity Bull 2x Fund, and has changed its strategy accordingly, the firm announced in a July 12 release. The firm will now seek to 200 percent of the Morgan Stanley Commodity Related Index.

Direxion president and chief investment officer Daniel D. O'Neill explained the choice.

"We have chosen the Morgan Stanley Commodity Related Index because it tracks businesses deriving income from commodities," O'Neill stated. "Instead of investing in the commodity of oil, for instance, our fund invests in oil companies. This is a major differentiator given that many mutual fund companies are now scrambling to meet the IRS' definition of 'qualifying income'."

Fernandes echoed O'Neill's remarks, and added that the change has been successful thus far.

"We went a different path. Rydex chose one direction, we chose another," Fernandes told the MFWire. "We've seen good inflows."

The fund firm has also hired a new high yield portfolio manager. According to a recent release, Loren Norton of Credit Suisse has joined the Direxion team. Norton previously worked at Morgan Stanley and Fidelity Investments. 

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