The Reserve Funds, the USD 35bn asset management complex behind the world's first money market fund, has hired Patrick Ledford as Chief Investment Officer.
Ledford, 49, will oversee investments in money market funds and enhanced cash products and will be instrumental in the creation and management of new investment offerings at the firm.
"Patrick knows our business and has been overseeing investments in the markets we utilize for decades," said Bruce Bent II, president and vice-chairman of The Reserve Funds. "He will lead our portfolio management team to continued success and his experience, expertise and knowledge with enhanced cash offerings will further support Reserve as the cash management industry leader.
Ledford joins The Reserve Funds from Citigroup Asset Management, where he spent 17 years, most recently as Director of the Liquidity Management Team, managing money market and enhanced cash portfolios worth USD 80 billion. He holds dual Bachelors degrees in Economics and Finance from Arizona State University and is a CFA III candidate.
Backgorund notes: Founded in 1970, The Reserve Funds launched the world's first money market fund, and today the New York-based asset management complex oversees more than USD 35 billion across a host of financial products—serving more than four million accounts. The Reserve Funds is the eighth largest privately owned asset management complex in the US and the largest such firm in New York.
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