Clifton S. Sorrell Jr. has a new job in which he has to contend with 230 employes, nine mutual funds and seven money market funds that total more than $2.4 billion in assets, not to mention a turbulent market.

"If I was just getting into this business, I might decide to sell hot dogs instead," he said.

Sorrell, who entered the financial world more than 25 years ago, this month was named president and chief executive of the Calvert Group Ltd., a mutual fund company based in Washington.

Calvert, facing growing competition from insurance companies and financial institutions, is part of the $989.2 million Acacia Group, which includes the Acacia life insurance companies, Calvert Group and Acacia Federal Savings Bank. Acacia Group says its goal is to transform the traditional life insurance salesman into a financial adviser.

Calvert Group opened its offices more than 10 years ago on Calvert Street with one mutual fund, the First Variable Interest Rate Fund. "Those were the boom years, when regulated banks could only pay 5 1/4 percent on passbook savings account while money market funds were paying as much as 17 or 18 percent," Sorrell said.

In 1978, Sorrell, then head of the corporate cash management department of Riggs National Bank, brought the two founders of Calvert Group, Chairman D. Wayne Silby and President John G. Guffy, into Riggs as clients. "I showed them how to speed up their collection of dues and better distribute funds. And they showed me money market funds," Sorrell said.

Sorrell left Riggs two years later to become vice president and marketing director for Calvert Group. "It was time to move on to something else. I was looking for something really different. But I am a native Washingtonian, and I did not want to leave this area," he said.

One year after joining Calvert, Sorrell was promoted to chief operating officer and senior vice president.

Acacia Group bought Calvert Group for $12.5 million in August 1983. Sorrell helped the parent company organize Acacia Federal Savings Bank in 1984. He was recently in charge of creating a financial planning and tracking system called LifeGuide.

LifeGuide measures a client's financial status against his financial goals on a monthly or quarterly basis. "The statements include a client's whole financial makeup. The idea is to know your net worth in a glance," Sorrell said.

In his new job, Sorrell will be expected to watch the company's pennies as closely as those of its clients. "It used to be that we could hold a bag open and watch the cash flow in, but since deregulation the flow has started to go back to the banks," he said.

To fight the cash flow to banks, Calvert Group is becoming a bit more like a bank by offering products like money market deposit accounts through six participating banks.

"We are constantly coming up with better ways of servicing our clients, and we have a lot of young, dynamic people entering the field," Sorrell said.

ASSOCIATIONS Raymond L. Hoewing is succeeding Richard A. Armstrong as president of the Public Affairs Council in the District. The Public Affairs Council is a nonprofit professional organization of corporate public affairs executives.

The American Newspaper Publishers Association named Jerry W. Friedheim president; Thomas C. Fichter executive vice president, and W. Terry Maguire senior vice president.

The International Association of Corporate Real Estate Executives elected David W. Richardson president; William S. Johnson vice president; Philip E. Wilson treasurer, and Richard W. Story secretary.

The Synthetic Organic Chemical Manufacturers Association Inc. appointed Sharon Hughes manager of government affairs in the department of legislative and regulatory affairs.

Mary Dreape Hanagan has been named director of government affairs for the Association for Advanced Life Underwriting.

John N. Pannullo joined Associated Builders and Contractors as its national director of business development.

The Wine and Spirit Wholesalers of America Inc. appointed Maureen L. Rodgers director of communications and education.

Julia M. Romero joined the staff of the Futures Industry Association as vice president for administration.

The National Association of Chain Drug Stores named Beth M. Mathes director of public relations.

BANKING, FINANCIAL SERVICES Arlington Bank named Gordon W. Daisley III senior vice president of real estate and finance.

Dominion Mortgage Funding Corp. appointed George F. Meyers Jr. vice president/branch manager of the Fredericksburg office.

Arthur Young & Co. in the District named Sue Molina a partner in the firm, and Jack Findlater, Cheryl Smith, Linda McCoy, Joe Simnowitz and Mary Zackrison principals in the firm.

First American Bank N.A. promoted Donna C. Groover vice president and branch manager of the 15th Street office; George H. Matthews vice president and manager of asset-based lending in the corporate banking division; Joseph D. Periera vice president and branch manager at the Columbia Plaza office; and Kathleen A. Bruen assistant vice president and manager of sales support in the retail banking division.

CRI Inc. in Rockville named Scott G. Kranz group executive vice president and president of CRICO Securities Corp., a CRI subsidiary.

Joan A. Lipton has been named vice president of loan administration at the Federal Home Loan Mortgage Corp.

Sovran Bank named William N. Park assistant vice president in the agribusiness department.

COMMUNICATIONS Eric J. Novotny has been appointed director of international affairs for Comsat Government Systems Inc. He is the former head of marketing for Comsat International.

James A. Rice, former publisher of Washington Monthly, has been named publisher of the Washington Business Journal.

U.S. News & World Report named Bob Lindquist southeastern regional manager of U.S. News. Jane Currence is the new account manager for the region.

Lee Ewing has been appointed editor of Air Force Times, an independent newspaper for Air Force people and their families published by The Times Journal Co. in Springfield.

Gregory F. Allen has been appointed AT&T vice president of external affairs for Maryland, Virginia, West Virginia and the District.

COMPUTER, HIGH TECHNOLOGY Martin Marietta Data Systems has named Robert F. Jefferson vice president of business development.

Ultra Network Technologies appointed Leslie D. Irby eastern regional manager in charge of its new Falls Church office.

Automated Digital Systems Inc. named Barbara L. Bliss account executive and Valdora R. Molock marketing assistant.

HEALTH Barbara S. Hoffman has been promoted to medical facility administrator of Kaiser Permanente Health Care Medical Center.

Michelle LeSane is the new director of community relations for the Greater Southeast Community Hospital Foundation.

HOTEL, FOOD SERVICES Shoppers Food Warehouse named Isaac Gendelman, George Guthridge and Jack Binder senior vice presidents; Roy Marks, Mitchell Herman and Robert Herman vice presidents, and Lou Davis, Jim Barnhart, Al Macey, Eileen Manion, Frank Saunders and Jack Smith assistant vice presidents.

Marriott Corp. named Matthew J. Hart vice president of project finanace and assistant treasurer.

INDUSTRIAL, MANUFACTURING Jackie Smith has joined Delwiber + Associates in the District as project director.

Steve Flenner has been named vice president of sales and marketing for Ace Fire Extinguisher Service Inc.

Eastmet Corp. in Baltimore appointed James A. Manning controller of Eastern Stainless Steel Co.

PROFESSIONAL SERVICES Key Financial Personnel in the District appointed Jean A. Barte manager of operations.

Rick Lazell has been appointed head of the landscape installation department at KT Enterprises Inc. in Alexandria.

Earle Palmer Brown Cos. named Steve Ellis president of Earle Palmer Brown Public Relations, and Michael J. Collins public relations director for Earle Palmer Brown Cos.

The law firm of Fried, Frank, Harris, Shiver & Jacobson named Jack B. Gordon, Alan S. Kaden, Ronert P. Mollen and P. David Richardson members of the Washington office.

Zenaida F. Juanitez has been appointed controller and director of the finance division of University Research Corp. in Chevy Chase.

General Maintenance Service Co., a building services and maintenance company, appointed Richard L. Thompson president.

Michael J. Farrell, general counsel for the Department of Energy, will join the law firm of Manatt, Phelps, Rothenberg & Evans on Oct. 1.

Richard A. Cohn joined the Washington office of Bryan, Cave, McPheeters & McRoberts law firm.

REAL ESTATE The Henry A. Long Co. in Fairfax promoted Samuel W. Smith to assistant vice president and project manager.

Jeffrey J. Martello has been named executive vice president of JAK Construction Inc., a construction company in Falls Church.

TRANSPORTATION Primark Corp., a holding company in McLean, is reorganizing its aviation-related subsidiaries and has appointed Robert C. Bushman president and chief executive officer of Orion Air.

UTILITIES Edison Electric Institute elected David K. Owens vice president in charge of power supply policy and Bruce G. Humphrey assistant to the president of strategic planning.