ProFunds Advisors has hired Steve Cohen as managing director of its institutional group. Cohen was most recently with FOLIOfn where he served as VP of marketing, a position he left shortly after the Vienna, Va.-based firm hired Jim Vitalie as president of FOLIOfn Institutional.
ProFunds products have typically attracted mutual fund traders that employ strategic asset allocation techniques or active management. Cohen will be responsible for spreading the firm's portfolio of products to insurance companies, banks, and broker/dealers.
"Part of Steve's charge will be to work with large institutions in furthering their awareness of ProFunds and find mutually beneficial ways to apply these institutions' distribution power to ProFunds' innovative and popular product offerings," said CEO Michael Sapir, in a statement.