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Rydex Taps Former Kenmar Executive for Index Product

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NEW YORK (–Ed Egilinsky joined Rydex Capital Partners, a subsidiary of the Rockville, Md.-headquartered mutual fund complex, as director of intermediary services. Previously, he headed U.S. sales and marketing at Kenmar Advisory Corp., Greenwich, Conn.

According to Rydex, Mr. Egilinsky’s position was created in response to the growth of Rydex Sphinx, a registered fund of funds based on Standard & Poor’s Hedge Fund Index. Launched in June 2003, the fund recently reached the US$200 million asset mark and now is in excess of US$221 million.

Rydex indicated that it is planning new hedge fund-related products. Unlike some index funds that target high-net-worth and institutional investors, such as one that tracks the same S&P index but is managed by Deutsche Bank, the Rydex vehicle primarily is offered to the affluent middle class via investment advisers (see ).

Mr. Egilinsky will help build and maintain these distribution channels, as well as work on new products. He said in a statement that strong asset growth at Rydex Sphinx is the result of a degree of transparency and risk controls that distinguish it from other registered funds of funds.

Index funds, controversial newcomers to the hedge fund world, have grown fast in the past 18 months or so. They now account for around 1% of industry assets, or US$10 billion, worldwide (see ).

Rydex Investments, a mutual fund company that offers a variety of index funds and non-traditional vehicles such as an inverse bond fund, has more than US$14 billion in assets under management, up from US$9.7 billion in December 2003.

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