where he oversaw the fund servicing operations including financial reporting, compliance, board reporting and expense oversight for Direxion Funds and Direxion Shares, and other clients for several years.
In his new role, Mr. Rudnick will report to Eric Falkeis , Chief Operating Officer of Rafferty, and oversee the financial, compliance, and risk oversight aspects of Direxion’s business. He will also join Direxion’s senior planning team.
“Working closely with the Direxion team during my tenure at U.S. Bancorp gave me a unique perspective and very clear strategic insight on the future of the firm,” said Mr. Rudnick. “My in-depth understanding of the products and their benefits will be a vital resource for me as I work with the other members of the management team to make sound financial decisions for Direxion and the shareholders who rely on its innovative strategies.”
Mr. Rudnick has more than 16 years of experience in the financial services industry. He began his career as a Fund Accountant at U.S. Bancorp. Mr. Rudnick served as an Audit Manager with PricewaterhouseCoopers before rejoining U.S. Bancorp in 2006. He holds a Certified Public Accountant (CPA) designation and earned a Bachelor of Business Administration degree in Accounting from the University of Wisconsin-Whitewater.
Mr. Rudnick is the second U.S. Bancorp professional with first-hand knowledge of Direxion’s products to join the firm this year. Eric Falkeis, formerly CFO and Director of ETF Operations at U.S. Bancorp, was recently appointed President and Chief Operating Officer of Rafferty.
“Patrick and Eric were influential in building up our leveraged ETF and mutual fund offerings into premier alternative investment solutions that can benefit both long-term investors and short-term traders alike in all types of markets,” said Dan O’Neill, Chief Executive Officer of Rafferty. “Their expertise and commitment to providing sophisticated alternative investment strategies to investors will be invaluable as we continue to maintain and grow our product suite.”
For more information about Direxion, please contact James Doyle at 973-850-7308 or [email protected].
Direxion Funds and Direxion Shares, managed by Rafferty Asset Management, LLC, offer leveraged index funds, ETFs and alternative-class fund products for investment advisors and sophisticated investors who seek to effectively manage risk and return in both bull and bear markets. Founded in 1997, the company has approximately $6.5 billion in assets under management as of 3/31/13. The company’s business model is built on continuous product innovation, exceptional customer service and a commitment to building strategic relationships with distribution partners. For more information, please visitwww.direxionfunds.com.
An investor should consider the investment objectives, risks, charges, and expenses of Direxion Shares and Direxion Funds carefully before investing. The prospectus and summary prospectus contain this and other information about Direxion Shares and Direxion Funds. Click here to obtain a prospectus or contact Direxion at (877) 437-9363. The prospectus or summary prospectus should be read carefully before investing.
The risks associated with the funds are detailed in the prospectuses which include Adverse Market Conditions Risk, Adviser’s Investment Strategy Risk, Aggressive Investment Techniques Risk, Commodities Risk, Concentration Risk, Counterparty Risk, Credit Risk, Currency Exchange Rate Risk, Debt Instrument Risk, Depositary Receipt Risk, Early Close/Trading Halt Risk, Emerging Markets Risk, Equity Securities Risk, Foreign Securities Risk, Gain Limitation Risk, Geographic Concentration Risk, Interest Rate Risk, Intra-Calendar Month Investment Risk, Inverse Correlation Risk, Leverage Risk, Lower-Quality Debt Securities, Market Risk, Market Timing Activity and High Portfolio Turnover, Monthly Correlation Risk, and Negative Implications of Monthly Goals in Volatile Market.
Distributed by Rafferty Capital Markets LLC.