Wayne Hummer Investments is planning to double its sales ranks. The shift comes as the Chicago-based investment management shop hired a new chief executive -- Thomas M. McDonald -- last week. Wayne Hummer is primarily focused on the wealth management business, but it does sponsor three mutual funds with roughly $150 million of assets.

A spokesperson for the firm confirmed that it is on the lookout for sales professionals but could not elaborate whether they would work directly with the funds. According to an industry source, the firm is considering doubling its sales force by adding up to 40 positions in the next year. To make the hires the firm is also considering hiring an outside recruiting firm.

Final decisions on the move await the approval of McDonald, who joined the firm at the start of the month as president and CEO. McDonald was most recently managing director and national sales manager for the broker-dealer side of KeyCorp's McDonald Investments where he oversaw some 700 registered reps.

Wayne Hummer's three registered funds include: the $15 million CorePortfolio fund (WHCPX), the $116 million Growth fund (WHGRX) and the $19 million Income fund (WHICX).  

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