Direxion Funds, based in Boston, is known for creating innovative tactical exchange-traded funds, particularly leveraged index funds. Its South Korea and Brazil Daily Bear 3x Shares fund, for instance, moves in and out of stocks as needed, to try and triple the return of the MSCI Brazil and Korea 25/50 Index, in the opposite direction.

Recently the company's CEO, Dan O'Neill, saw an opportunity on the strategic side of the business, and decided to move Direxion towards becoming an investment advisor that can provide a number of different products including mutual funds to a variety of shareholders. To that end, he's made some key hires, including Eric Falkeis, president and chief operating officer.

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