NEW YORK (HedgeWorld.com) – PlusFunds Group, Inc. announced the appointment of Michael Mikytuck to lead its retail sales and distribution efforts.

The independent adviser and high-net-worth market for products that involve hedge fund indexes has become a key growth area for PlusFunds Group, and that has led to the redefinition of Mr. Mikytuck’s duties, according to the statement.

“They’re carving out a special niche for retail,” a company spokesman said Monday. “Retail has a shorter education cycle, sales cycle,” than has the institutional marketing.

Mr. Mikytuck has worked in the financial services industry for 18 years. He worked for Fiduciary Trust from 1986 to 1996. It has since become part of Franklin Templeton Investments, San Mateo, Calif. He also has worked for Van Eck Absolute Return Adviser Corp., New York; Pareto Partners Ltd., New York; and software developer Black Cat Decisions LLC, Fairfield, Conn. He has an MBA from the Stern School of Business at New York University, and an undergraduate degree from Rider University, Lawrenceville, N.J.

PlusFunds now has more than US$900 million of hedge fund assets under management.

CFaille@HedgeWorld.com