Forward Management LLC of San Francisco promoted Clay Smudsky to the newly created position of head of distribution.
Mr. Smudsky was the managing director of sales. He will continue to lead business development activities at the firm, but he also will be in charge of developing Forward's operations in the bank, institutional, advisory, and retirement markets, the company said last week.
Before joining Forward in 2002 he had worked for RS Investments, Salomon Brothers Asset Management, and Nuveen Investments.
Forward is the investment adviser to the Forward Funds, a family of 15 mutual funds. It also markets a range of separately managed accounts.