CLEVELAND — Shaker Investments Inc., an asset management firm serving institutional and wealthy clients, has hired an executive from Fifth Third Bancorp’s investment operations to run its fledgling mutual funds group.

Robert J. Conrad, 35, joined Shaker as managing director of mutual funds Feb. 20. He was the new business development officer for Maxus Investment Advisors and Maxus Securities Inc.

Shaker, which manages over $1.5 billion of assets in separate accounts and hedge funds, expects to begin offering mutual funds in the second quarter, said executive vice president and chief operating officer James R. Janetz.

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