Forward Management, a San Francisco-based firm offering institutional and retail investment products, has hired Clay Smudsky as a managing director. Prior to Forward, Smudsky worked for RS Investments, formerly Robertson Stephens Investment Management, as VP of institutional sales.

He also served as a divisional sales manager for Salomon Brothers Asset Management, where he helped develop the managed account business.

He replaces Richard Duff, who left Forward last fall to join BlackRock's private client group.

Forward Management provides investment management services and products for institutional money managers, financial advisors and individual investors.

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