It looks like Guggenheim Partners LLC
is looking to scale up its exchange-traded business by combining two entities that the firm acquired within the past two years. InvestmentNews reports
that the Chicago-based financial services firm is "discussing" merging the Claymore
business, which has since rebranded to Guggenheim Funds Investment Advisors, with the Rydex SGI business.
However, the pub, citing a source familiar with the situation, noted that Guggenheim has to either buy out the other investors in Security Benefit (see The MFWire 02/16/2010
), of which Rydex is a part, or convince them to go along with the idea of combining the two entities.
Rydex currently manages some $8 billion in ETF assets and is the 19th largest purveyor of ETFs while Guggenheim's $3 billion in ETF assets is good for a 14th place rank, according to Morningstar.
Rydex also offers mutual funds.
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