Deals & People January 4, 2011

linkedFA Appoints Richard Joyce Chairman of the Board

linkedFA, a social networking site specifically for financial professionals, announced today that Richard Joyce will become Chairman of the Board.  
Reported by

Joyce will lead the executive team as it executes its 2011 global growth strategy, the company said in a press release.   

As the Chairman of the Board of Directors, Joyce will be responsible for building and managing the Board of Directors and linkedFA Advisory Panels. He will leverage those resources to formulate a financing and product development strategy.  As part of the global team, Joyce will be based in the UK. 

He has held several executive roles in the communications industry and is an advocate of leveraging social media within the financial industry. Joyce was most recently Chairman of WIN (Wireless Information Network Ltd), a mobile data services company, from 2000 until 2009.  He also spent 13 years at 3Com Corp, as SVP of Worldwide Sales, and SVP of the Remote Access Products Division. Additionally, he was a member of the Worldwide Executive Committee for seven years.  

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Products January 4, 2011

Proshares Unveils Volatility ETFs

ProShares, a provider of alternative exchange-traded funds (ETFs), has launched what its says are the first "Volatility ETFs."
Reported by

According to a news release, the ProShares VIX Short-Term Futures (VIXY) and VIX Mid-Term Futures (VIXM) ETFs provide exposure to equity market volatility by seeking to match the performance of their respective VIX futures indexes, before fees and expenses. Both ETFs are listed on NYSE Arca.

“Until now, to access volatility, many investors have considered exchange traded notes (ETNs), which subject them to the credit risk of the note’s issuer,” said Michael L. Sapir, Chairman and CEO of ProShare Capital Management, the sponsor of the funds, in the news release.

VIXY is linked to the performance of the S&P 500 VIX Short-Term Futures Index, which targets a constant, weighted-average term of one month. VIXM is linked to the performance of the S&P 500 VIX Mid-Term Futures Index, which targets a constant, weighted-average term of five months.

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