Potomac Funds has changed its name to Direxion Funds, as part of a new strategic plan.
"We are taking the company and the leveraged index and alternative-class mutual fund category in exciting new directions," said Ron Fernandes, the new CEO of Direxion Funds. "It is an important time to be in the leveraged index and alternative-class mutual fund market, to help investment advisors grow their businesses and to transition the entire sector from a small entrepreneurial segment of the fund universe to a professionally managed, well-recognized and fully utilized category."
The company has established new executive offices in Boston at the Prudential Tower, as well. It will be home to the funds' sales, marketing, product and administrative service units. Investment management and trading operations will remain in New York City.
"We like our business opportunities within the segment, we like the timing of our expansion and we believe the market will embrace our new products, services and distribution team," added Daniel D. O'Neill, president and CIO. "We believe we have the right team, the right products and the right plan at the right time to establish a leadership position and be the first choice of advisors using leveraged index and alternative class mutual fund products."
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.