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 Asset Management in August to lead the expansion of its hedged mutual fund business. Before Price, Egilinsky was head of alternative strategies for Rydex/SGI, which manages $25 billion primarily in mutual funds