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Rating:Reserve Hiring Wholesalers to Meet Demand Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, July 02, 2004

Reserve Hiring Wholesalers to Meet Demand

by: Theresa Sim

Money-fund provider Reserve Funds is looking to add three to five wholesalers in the next six months, with additional hiring after that, said Eric Lansky, senior vice president of sales. The wholesalers will work in the banking and brokerage channels, areas where the firm has seen growth, said Lanksy.

The ideal new hires will understand a "consultative sales approach" and have experience with money funds and cash management products.

In six of the 10 rate-tightening cycles since 1950, the Standard & Poor's 500-stock index provided double-digit returns in the 12 months following an initial rate jump, says Jim Stack, president of InvesTech Research." This week's rate increase bodes well for the firm, since initial rate increases typically lead to better performance and resurgence in the equity markets -- a scenario that is optimal for money funds.

"As people feel more competent in markets, they open more brokerage accounts," said Lansky. Generally, ten percent of those accounts are cash, he added.

Regardless of the equity markets, Lansky says the firm has gained assets from institutions looking to minimize their exposure to commercial paper, which Reserve's products do not hold.

Reserve Funds have pulled in more than $11 billion in assets since the start of this year, from $24 billion at the start of the year. Money market funds as a group have lost more than $95 billion in asset outflows this year. 

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