Direxion plans for billion-dollar expansion into hedged mutual funds
October 19, 2011
The New York firm is preparing to launch at least three new funds next year.
Direxion Funds, the $7.5 billion division of brokerage Rafferty Capital Markets, plans to roll out at least three new hedge fund-like strategies in 2012, doubling its lineup of hedged mutual funds.
The new funds will invest in managed futures, real estate stocks and other long-short strategies, adding to its existing roster of currency and long/short commodities and equities funds. Direxion hired Ed Egilinsky from investment advisor Price...
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