ProFund Advisors has hired Matt Connors as a managing director to head its financial professionals business unit. Connors, who previously was a managing director at Deutsche Bank's asset management unit, joined the Bethesda, Maryland-based firm last week.

Connors reports to Michael Sapir, chief executive officer, and will fill an essentially new position. Louis Mayberg, ProFund's president and co-founder, had previously overseen the bulk of the functions now assigned to Connors, said a spokesperson for Profunds.

Connors will help market the firm's products to intermediaries, including broker-dealers and fee-based financial advisors, through ProFunds Distributors' internal and external sales teams.

"He's demonstrated a knack for leading highly driven, successful mutual fund marketing teams that significantly raise assets," said Sapir in a release. "At his previous posts with Deutsche Bank and New England Mutual Funds, for example, Matt's groups increased internal and external sales by hundreds of millions of dollars."

"ProFund Advisors is driven by a dynamic, entrepreneurial spirit, and I think such specialized firms can provide a higher level of service than larger companies can. The firm is now five years old, has grown significantly in terms assets under management and is, I believe, poised for even stronger future growth," Connors said in the company release.  

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