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Tuesday, December 02, 2008

ProFunds Names its New Investment Chief

News summary by MFWire's editors

ProFunds brought on board Todd Johnson as its new chief investment officer. Johnson takes over from George Foster, a nine-year ProFunds vet who took on the role on an interim basis earlier this year. The post was previously held by William Seale, who remains with the firm as chief economist.

Prior to joining Bethesda, Maryland-based ProFunds, Johnson was president and chief investment officer of World Asset Management. BETHESDA, Md., Dec 02, 2008 (BUSINESS WIRE) -- ProFunds Group, the world's largest manager of short and leveraged funds,(1) announced today that Todd Johnson has been named Chief Investment Officer. Mr. Johnson, formerly with World Asset Management, will oversee all investment operations for ProShares ETFs and ProFunds mutual funds. The firm's acting Chief Investment Officer, George O. Foster, CFA, is assuming new responsibilities, including directing the firm's product development strategy.

"Todd brings to our leadership team decades of experience in indexed and quantitative investing," said Michael Sapir, ProFunds Chairman and Chief Executive Officer. "His track record in managing an investment team handling a wide variety of index-based strategies makes him ideally suited to take on that role for the growing range of ProShares and ProFunds.

"George's innovative approach and long-time experience managing our portfolios make him uniquely qualified to bring new focus to our product development efforts," Mr. Sapir continued. "We believe having Todd and George in these roles strengthens our position as we continue our rapid expansion."

Mr. Johnson was President and Chief Investment Officer of World Asset Management, which manages more than $14 billion in indexed and quantitative strategies, primarily for institutional investors. In that role he oversaw management of more than 100 portfolios, including collective funds, mutual funds, and separately managed accounts for equity, fixed-income, and REIT investments. He also served on the World Asset Management Board of Directors. He started his career in 1986 with Manufacturers Bank, joining Woodbridge Capital Management in 1992 and World Asset Management in 1994. He earned his Bachelor's degree in Finance from Michigan State University and his MBA from Wayne State University.

Mr. Foster has been with ProFunds for nine years, serving as Director of Portfolio from 2004 until 2008 when he was named Acting Chief Investment Officer. He earned his MBA from The George Washington University and a Bachelor's degree in Mechanical Engineering from Clarkson University.

About ProFunds Group

The $25 billion ProFunds Group includes 72 ProShares short and leveraged ETFs, and more than 115 ProFunds mutual funds. Since 1997, ProFunds has provided mutual fund investors with easier access to sophisticated investment strategies, with offerings that include funds that seek to magnify daily index performance and funds that seek to increase in value when markets decline. The group also manages the Canada-based Horizons BetaPro ETFs.  

Edited by: Armie Margaret Lee

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