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.

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