is seeking a national sales manager. The hire is a top priority now that the firm has landed Louis J. Foran
to head sales and marketing to its three distribution channels. Foran joined Rydex from Legg Mason
and reports directly to Rydex president A.P. "Skip" Viragh, Jr.
The new national sales manager will oversee the Rockville, Maryland-based firm's 21 member wholesaler team. That figure includes both internal and external wholesalers. The new manager will report to Foran, who was most recently senior vice president, director of sales and marketing for the Private Client Group at Legg Mason.
The personnel additions come despite a dramatic fall in the assets under management at the firm. At the peak of the Nasdaq, the firm managed some $9 billion in assets. That figure has dropped to $5 billion now. However, most of the decline is the result of asset depreciation in the firm's Nasdaq 100 linked fund, and not sales efforts.
Rydex saw net inflows of a bit more than $200 million in 2001, confirmed a spokesperson.
"In spite of its unbelievable challenges, 2001 was a very successful year for Rydex - and that's all due to the team of people we have working here," explained Viragh. "By bringing in an executive like Lou Foran, we're building on our success, strengthening our team, and we're going to make 2002 even bigger."
"Lou has extensive experience in the broker/dealer segment," continued Mr. Viragh. "He's a great communicator and consensus builder. He has a track record of client services wins and innovative product launches, and he's going to help us work with our clients even more closely than we do now."
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