Reserve Funds, the asset management complex that started the first money market fund and now manages $35 billion of mutual funds, cash management products, and deposit accounts, said it had hired Patrick R. Ledford to be its chief investment officer.
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Mr. Ledford, 49, is to oversee investments in money market funds and enhanced cash products, the company said Monday, and will be instrumental in creating and managing investment offerings.
He worked 17 years at Citigroup Asset Management, most recently as director of the liquidity management team, which managed money market and enhanced cash portfolios worth $80 billion.
