The Potomac Funds of New York, which manages $1 billion in predominantly indexed, leveraged index and inverse indexed mutual funds, has adopted a new brand identity, Direxion Funds. The shop has also opened up a Boston sales, marketing and fund distribution office, hired a new chief executive officer and is ramping up its fund lineup as well as its fund wholesaler ranks.

"We decided to go with a new name that was forward thinking," said Daniel O'Neill, president and chief investment officer of the fund group. The Potomac Funds' name "wasn't a terribly great name," he admitted. Nor did it fit the fund group any longer, he said. "We didn't have the level of brand recognition before," O'Neill noted.

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