Bucking an industry trend, Rydex Funds has not initated layoffs or even frozen hiring. The firm, despite major hits to assets under management, is forging ahead with its marketing and sales efforts with two hires and even more open positions.

Rydex has hired Mark Adams for the newly-created position of manager of the retail channel for its growing marketing department. Adams comes from nearby Foliofn (Vienna, Virginia), where he served as director of institutional marketing.

"We haven't filled that exact position," said a Folio spokesperson. "However, we have people internally who have assumed his duties." Folio has no immediate plans to replace Adams although the firm continues to hire in the institutional area.

Rydex has also hired wholesaler Brian Lynch, who most recently comes from Evergreen Funds. He covers the north central territory out of the firm's Boston office.

Rydex still has five empty seats at its offices: an internal and external mutual fund wholesaler in the Boston office and a variable annuity wholesaler in the Boston office, an internal wholesaler in the Rockville, Maryland home office, and an external wholesaler in the Denver office. 

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