recently hired a new director of marketing -- now the New York fund complex is also planning to expand its sales force in the next few weeks, in an effort to grow retail sales.
, vice president and director of sales and a recent hire himself, told the MFWire.com that Reserve would be adding three new hires in the next six weeks. He added that although the new sales staff would be be filling the function of what are typically called wholesalers, the company is looking for more what it terms "a consultantive sales staff."
The three new "regional managers" will be responsible for all of the channels that Reserve distributes through -- the concentration so far has been mostly through the broker/dealer channel, where Reserve money market funds serve as a sweep vehicle.
The expanded sales staff will have an agenda that also focuses strongly on other channels, in an effort to grow the Reserve Equity Series of funds, a six fund family with only $60 million in assets managed, compared to the almost $6 billion in Reserve money market funds. The funds do have some distribution through the RIA channel -- the new hires will looking to form several new strategic sales arrangements.
"We invented the money market fund," said DeFeo, " and we're well-known for it, but now we're looking to diversify and exploit that recognition," adding that the funds were also making a concentrated effort on the marketing side to support the sales staff, with the recent hire of Eric Lansky
, director of marketing.
Stay ahead of the news ... Sign up for our email alerts now