MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
|
|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, February 17, 2010 Rydex | SGI Chief Plans Internal Expansion Post-Merger Security Global Investors and Rydex | SGI are about to report to a new parent, but their chief plans to keep their business and brands distinct. On Tuesday Guggenheim Partners unveiled a $400 million deal to buy SGI/Rydex|SGI parent Security Benefit, and Rich Goldman, CEO of SGI and Rydex | SGI, confirmed that he "absolutely" plans to keep the SGI and Rydex | SGI brands in tact. (Guggenheim bought exchange-traded funds [ETFs] specialist Claymore in May.) Watch for Goldman to beef up his team post merger.
Goldman plans to expand his distribution, investment and marketing teams in 2010, even as his 275-person team launches more products, and he expects Guggenheim to back those plans with cash. (Goldman declined to comment on whether he or Guggenheim are looking for more asset management acquisitions.) "They are very supportive. We are excited about the partnership," Goldman told The MFWire. "They have a very long-term perspective ... It's our expectation that our business will continue undisrupted." SGI and Rydex | SGI work with about $22 billion in assets and grew by 30 percent in 2009. The firm has three mutual fund business lines: what Goldman calls "target beta" products (i.e. the various leveraged and inverse index mutual fund and ETF products Rydex was known for), a suite of fundamental alpha equity products and a suite of alternative investment offerings. SGI and Rydex | SGI currently have offices in: Chicago; New York; Rockville, Maryland; San Francisco; and Topeka, Kansas. Goldman expects those locations to stay the same. Printed from: MFWire.com/story.asp?s=24208 Copyright 2010, InvestmentWires, Inc. All Rights Reserved |
