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Thursday, July 21, 2011

Guggenheim's Retail Distribution Chief Departs

News summary by MFWire's editors

There's a change in the top ranks at Guggenheim Funds Distributors. Head of U.S. retail Steve Baffico has left the company and Chris Parisi, national sales manager, has taken over his duties, Jeaneen Pisarra, a spokesperson for Guggenheim Funds' sister company Rydex|SGI, confirmed to The MFWire.com.

It was not immediately clear whether Guggenheim Funds plans to name a new national sales manager.

InvestmentNews, which first reported on Baffico's resignation, reports that his departure comes "amid renewed rumors that the firm's parent, Guggenheim Partners LLC, is merging its former Claymore Group Inc. exchange-traded-fund business with its Rydex SGI business."

Asked about the reorganization rumors, Pisarra said: "Rydex|SGI and Guggenheim Funds continue to look for ways to work together. We can't comment on speculation or rumors."

Baffico declined to comment to The MFWire.com on his departure. A Guggenheim spokesperson was not immediately able to provide comment. Parisi could not immediately be reached for comment.

Baffico joined what was then known as Claymore Securities in early 2010 as head of U.S. retail distribution. Claymore, which Guggenheim Partners acquired in late 2009, rebranded to Guggenheim Funds Distributors last fall. Before joining Claymore, Baffico worked at BlackRock for 10 years. 

Edited by: Armie Margaret Lee

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