ProFunds Group Names Richard Eng Chief Operations OfficerBethesda, MD, May 12, 2011 — ProFunds Group, a premier provider of alternative ETFs and mutual funds, announced today that Richard Eng has been named Chief Operations Officer. Mr. Eng, most recently with Legg Mason Capital Management, will oversee fund and investor services, financial administration, and information technology. He reports to Michael L. Sapir, Chairman and CEO of ProShare Advisors LLC and ProFund Advisors LLC.
"With over 15 years of operations and technology experience in the investment management business, Rick is an outstanding addition to our team," said Mr. Sapir. "Rick's oversight and guidance in many significant areas, including our investment operations, shareholder servicing, and technology strategy will be particularly valuable as we continue to expand our lineup of alternative ETFs and mutual funds."
Mr. Eng was most recently with Legg Mason Capital Management as Chief Operating Officer. During his tenure at Legg Mason, he oversaw professionals in the areas of investment operations, client reporting and production, settlements, trading, information technology, and finance.
Prior to Legg Mason, Mr. Eng was Chief Financial Officer at Ramsey Asset Management, LLC, a McLean, Virginia-based hedge fund manager. He has also worked as Product Manager for all hedge fund-related software for San Francisco's Advent Software, Inc., the largest provider of software to the financial services and hedge fund industry.
Mr. Eng received his B.S. in Organizational Management and Consumer Studies from the University of Maryland at College Park.
About ProFunds Group
ProFunds Group is a premier provider of alternative ETFs and mutual funds. The firm offers more than 100 ProShares ETFs, including the largest lineup of geared (leveraged and inverse) ETFs, and more than 100 ProFunds mutual funds.1 Founded in 1997, ProFunds Group has more than $34 billion of assets under management.2
Tucker Hewes, Hewes Communications, Inc., 212-207-9451, firstname.lastname@example.org
1Source: Lipper, based on a worldwide analysis of all of the known providers of funds in these categories. The analysis covered ETFs, ETNs and mutual funds by the number of funds and assets as of 6/30/2010.
2As of 4/29/11