John Cadigan has brought in his first recruit since joining Direxion Funds [profile] as national sales manager two months ago. Cadigan hired Texas-based Harold Clemons as senior sales director for the Mid-South region.

Clemons fills a post that had been vacant for some time. Besides Texas, the territory includes Oklahoma, Louisiana, New Mexico, Arkansas, Kansas and Missouri.

Previously, Clemons was a wholesaler covering the Dallas-Fort Worth area for Principal Funds [profile]. Earlier, he worked at Capital Real Estate Securities, Dreyfus, Merrill Lynch Investment Managers, BlackRock, and Pimco Allianz Investments.

A Principal Funds spokesperson was not immediately able to provide comment on how Clemons' former duties are being handled.

Clemons' arrival at Direxion brings the number of salespeople on Cadigan's team to 10, chief marketing officer Andy O'Rourke told The MFWire.com.

The number includes both external and hybrid wholesalers. Cadigan's group focuses on pitching Direxion's buy-and-hold alternative investment products, primarily mutual funds, to advisors across channels.

Direxion has a separate sales force, led by Michael Eschmann and Adam Gould, that pitches Direxion's leveraged and inverse ETFs to the institutional crowd. Besides Eschmann and Gould, there are three others on that team.

Company Press Release

Direxion Names New Senior Sales Director for Mid-South Region

Industry Veteran Harold Clemons will Service Advisors in All Sales Channels

BOSTON , Nov. 28, 2011 -- Direxion, a leader in alternative investment solutions, has named Harold W. Clemons its new Senior Sales Director for the Mid-South Region.

Mr. Clemons is responsible for selling all of Direxion's buy-and-hold alternative investment strategy products to financial advisors across all channels, including wirehouse, regional broker dealers, registered investment advisor (RIA) and others in his territory. Mr. Clemons will serve advisors in Texas , Oklahoma , Louisiana , New Mexico , Arkansas , Kansas and Missouri , and be based in Texas .

"Harold is exactly the kind of seasoned industry professional we want on the Direxion team as we empower an ever-increasing number of advisors and their clients to employ alternative investment strategies historically used only by large institutions," said John Cadigan , Direxion's National Sales Manager. "With financial markets remaining highly unpredictable, we believe it's more important than ever for investors to further diversify their portfolios. Adding Harold to our sales team is further evidence of our commitment to helping investment professionals and their clients manage risk with innovative strategies."

Mr. Clemons joins Direxion from Principal Funds, where he served as Regional Director in the Dallas-Fort Worth area. During his more than 25 years of experience in the asset management business, Mr. Clemons has worked at firms including Capital Real Estate Securities, Dreyfus, Merrill Lynch Investment Managers, BlackRock, and PimcoAllianz Investments.

"Direxion is a pioneer in bringing alternative investment strategies to sophisticated advisors and investors," said Mr. Clemons. "I'm excited about the opportunity that lies ahead to connect advisors and their clients throughout the Mid-South region with the diverse suite of innovative investment products Direxion is known for."

Mr. Clemons earned his BS and MBA degrees at the University of North Alabama . He holds certifications as a Certified Financial Planner (CFP), Chartered Life Underwriter (CLU), Chartered Financial Consultant (ChFC) and Certified Fund Specialist (CFS). He also holds Series 7, 4, 24, 53, 63, 65 and 66 Securities Licenses.

For more information about Direxion, please contact James Doyle at 973-850-7308 or jdoyle@jcprinc.com.

About Direxion

Direxion Funds, managed by Rafferty Asset Management, LLC, offer alternative-class fund products and leveraged index funds for investment advisors and sophisticated investors who seek to effectively manage risk and return in both bull and bear markets. Founded in 1997, the company has approximately $7.5 billion in assets under management as of 9/30/11. The company's business model is built on continuous product innovation, exceptional customer service and a commitment to building strategic relationships with distribution partners. For more information, please visit www.direxionfunds.com.

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