The U.S.-based parent company of Claymore investments, Inc. has agreed to merge with Guggenheim Partners, LLC, a global diversified financial services firm, Claymore said Friday.
As part of the transaction, Claymore Group Inc. and its associated entities including Claymore Securities, Inc., Claymore Advisors, LLC and Toronto-based Claymore Investments, Inc. will become wholly owned subsidiaries of Guggenheim Partners.
Terms of the transaction were not disclosed.
“We are extremely pleased that Claymore Group has entered into this agreement with Guggenheim. Claymore has seen significant growth in our business here in Canada, and the combination with Guggenheim will bring tremendous opportunities for Claymore and our clients,” said Som Seif, president and CEO of Claymore Investments, in a release.
“We very much look forward to working with Guggenheim and will continue to be focused on bringing innovative and high quality investment solutions to Canadian investors,” Seif added.
Claymore Investments manages a family of 23 exchange traded funds and three closed-end funds.
Mark Walter, chief executive officer of Guggenheim Partners, added: “Claymore Group has clearly established itself as a leader within the retail investment space and perfectly complements our already robust institutional investment management capabilities.
“The transaction will enhance our retail distribution, product development and marketing prowess, especially among financial advisors,” said Mark Walter, CEO of Guggenheim Partners.
The transaction is subject regulatory and other approvals and is expected to close at the end of the third quarter this year, the companies said.
IE
Guggenheim Partners to acquire Claymore Group
- By: IE Staff
- August 3, 2009 August 3, 2009
- 12:45