Rydex Global Advisers has appointed Michael T. Carpenter as national sales manager for the broker-dealer channel. He will be reporting to Louis Foran executive vice president of sales and marketing. This move is part of an ongoing effort to support its new initiative to further expand support to broker-dealer clients, said the firm.

The post opened when Dennis Hearns moved into the business development group at Rydex. Hearns remains with the firm and holds the title of senior vice president, institutional sales.

The sector fund specialist expects the hiring of Carpenter to be its last move in building its sales force for the channel for now. Earlier, it had doubled the number of wholesalers supporting the channel to 18 from nine, said a spokesperson. Those hires were made to support growing sales at the fund firm. "Carpenter is the last piece of the puzzle," she explained.

A.P "Skip" Viragh, Rydex president, explained in a statement that Carpenter's knowledge of the broker-dealer channel will enable the firm to strive to expand support to its broker-dealer clients.

Carpenter was previously executive vice president, national sales manager, of IDEX Mutual Funds, since 1999. There he was directly responsible for the national sales team and client relationship management with key brokerage firms. Prior to that, he was the national sales manager for MFS Retirement Services and John Hancock Funds, both in Boston. 

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