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Monday, August 9, 1999 Reserve Ramps Up Retail Efforts Reserve Funds recently hired a new director of marketing -- now the New York fund complex is also planning to expand its sales force in the next few weeks, in an effort to grow retail sales.
The three new "regional managers" will be responsible for all of the channels that Reserve distributes through -- the concentration so far has been mostly through the broker/dealer channel, where Reserve money market funds serve as a sweep vehicle. The expanded sales staff will have an agenda that also focuses strongly on other channels, in an effort to grow the Reserve Equity Series of funds, a six fund family with only $60 million in assets managed, compared to the almost $6 billion in Reserve money market funds. The funds do have some distribution through the RIA channel -- the new hires will looking to form several new strategic sales arrangements. "We invented the money market fund," said DeFeo, " and we're well-known for it, but now we're looking to diversify and exploit that recognition," adding that the funds were also making a concentrated effort on the marketing side to support the sales staff, with the recent hire of Eric Lansky, director of marketing. Printed from: MFWire.com/story.asp?s=24521 Copyright 1999, InvestmentWires, Inc. All Rights Reserved |