Direxion Funds just named a new CEO. On Tuesday the Boston and New York-based fund family named president and chief investment officer Dan O'Neill to succeed CEO Ron Fernandes. Fernandes himself is setting aside his Direxion hat and his position as managing director at Rafferty Asset Management, the investment advisor to the fund family formerly known as Potomac, to serve as senior managing director of parent company Rafferty Holdings. The shuffle happened on January 1.

O'Neill will continue to serve as Direxion's CIO and president, and as a managing director of RAM.

Fernandes cited the "solid business base ... [and] great management team" Direxion has built during his two years at the helm.

"We had two of the top overall performance return funds for 207 and we had good net flows," Fernandes added.

Direxion and Rafferty founder Larry Rafferty praised Fernandes for the "transformation" he started and added that the mutual fund family has been "re-branded and re-positioned for strong long-term growth."

Prior to joining Direxion, Fernandes private holding company Raven Holdings. He also served as president of Sun Life Distributors and executive vice president of Sun Life Retirement Products and Services. 

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