Quick growth has opened a door at New York City-based Reserve Funds. The money market specialist says it assets have ballooned by 50 percent this year to $21 billion from $14 billion during a period in which assets in money market funds contracted by 2.81 percent, according to iMoneyNet. That growth is opening new opportunities at the firm, Cynthia Plehn, head of marketing, told the MutualFundWire.com.

Eric Lansky, the firm's current head of sales, will be shifting his duties to explore how Reserve can capitalize on the opportunities. That move also led Reserve to hire an executive recruiter to find a new sales head to take over Lansky's duties, Plehn said.

"That person will be head of all of the growing sales force," she added. "We are seeking someone with extensive knowledge of the industry and extensive experience." The position is based in New York City and reports to Bruce Bent II.

Meanwhile, Lansky will retain his senior vice president title. "He will be focusing on strategic growth initiatives for the firm," said Plehn. Some of the new initiatives include private labeling and acquisitions. "We are actively trying to acquire other fund portfolios, both money market and equity funds as well," she added.  

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