Guggenheim Partners

Last updated

Guggenheim Partners, LLC
Company type Private
Industry Financial services
Founded1999;25 years ago (1999)
Founder
Headquarters
Area served
Worldwide
Key people
 Mark Walter (CEO)
Products Investment banking
Capital markets
Investment management
Merchant banking
Wealth management
Insurance
Exchange-traded funds
Unit investment trusts
ServicesDiversified financial services
AUM $300 billion
Number of employees
2,400
Website guggenheimpartners.com
guggenheiminvestments.com

Guggenheim Partners, LLC is a global investment and advisory financial services firm that engages in investment banking, asset management, capital markets services, and insurance services.

Contents

Organization

The firm was founded in 1999 in partnership with the Guggenheim family. Headquartered in New York City and Chicago, it has more than $310 billion of assets under management. [1] The firm's CEO is Mark Walter.

Guggenheim Partners provides services across asset management, investment banking, and broker dealer services including capital markets. Guggenheim Investment Advisors oversees about $50 billion in assets. [2] [3]

In October 2009, Guggenheim hired former J.P. Morgan head of Media Investment Banking Mark Van Lith as Senior Managing Director and Head of Investment Banking and former Apollo Global Management director and vice chairman Henry Silverman as vice chairman of asset management. [4]

In January 2013, Guggenheim named former Yahoo! interim CEO Ross Levinsohn as CEO of private equity unit Guggenheim Digital Media. [5]

In May & June 2013, the firm also hired Goldman Sachs Group Inc.'s co-head of U.S. leveraged finance capital markets Tom Stein, former Barclays head of retail investment banking and vice chairman Andrew Taussig, as well as managing directors Spencer Hart, Matthew Pilla, Ken Harada and Ryan Mash. [6]

In September 2013, Guggenheim Securities was named a financial adviser to Verizon in connection with its $130 billion acquisition of Vodafone's 45% stake in Verizon Wireless. [7]

In March 2014, Guggenheim Securities hired Eric Mandl as a Senior Managing Director focusing on Technology, Media and Telecom Investment Banking. [8]

Guggenheim Partners Investment Management, the investment arm of Guggenheim Partners, was charged by the Securities and Exchange Commission (SEC) with failure to disclose a $50 million loan made in 2010 to a senior executive by a client. The firm paid $20 million in 2015 to settle the charges. [9] The government agency also found that Guggenheim's compliance program did not prevent violations of federal securities laws. According to the SEC, the firm's employees did not report dozens of trips on clients' private airplanes and had overbilled a client $6.5 million in fees, taking nearly two years to reimburse them. [9]

On December 17, 2015, it was reported that the company would spin out its media properties into a new holding company, Eldridge Industries, owned by an investment group led by Guggenheim president Todd Boehly, consisting of Mediabistro, Billboard and The Hollywood Reporter , and Dick Clark Productions. [10] [11]

In April 2018, Invesco Ltd. announced that it completed its previously announced acquisition of Guggenheim Investments' exchange-traded funds (ETF) business, which consisted of $38.8 billion of assets under management (as of February 28, 2018) for $1.2 billion in cash. [12]

In October 2018, Guggenheim Securities was named the lead financial adviser to Red Hat in connection with its $34 billion sale to IBM. [13] The Red Hat sale was, at the time, the largest software transaction in history. [14]

In September 2019, Donini was named to the additional role of Chief Operating Officer of Guggenheim Partners and Andrew Rosenfield, a managing partner, was appointed president. [15] Also in September 2019, Guggenheim hired former Deputy United States Attorney and Director of the Division of Enforcement of the Securities and Exchange Commission Robert S. Khuzami as a Managing Partner and Chief Legal Officer. In the private sector Khuzami was a partner at Kirkland & Ellis LLP and worked at Deutsche Bank AG, including as General Counsel for the Americas. [16]

Investments

In May 2009, Guggenheim Partners acquired a controlling interest in financial services firm Transparent Value LLC. [17] In July 2009, it acquired Claymore Group, a firm known for its Exchange-traded funds and unit investment trusts. [18] In December 2009, Guggenheim acquired a division of Wellmark and renamed it Guggenheim Life & Annuity. [19] In February 2010, Guggenheim Partners acquired Security Benefit Corp, parent company of Rydex Funds. [20] In October 2011, it acquired the life insurance company EquiTrust from FBL Financial Group. [21] In 2012, Guggenheim affiliates acquired the US annuities business of Canadian insurers Industrial Alliance and Sun Life Financial. [22] [23]

In July 2014, Guggenheim announced the launch of a representative office in Tokyo and the hiring of Atsuhito Sakai as Senior Managing Director and Guggenheim's Representative in Japan.[ citation needed ] Also in 2014, the firm acquired the London operations of Lazard Capital Markets. [24] Guggenheim Securities expanded its investment banking business in July 2019 in Chicago with the hiring of two senior bankers from William Blair's technology group, James Suprenant and Scott Stevens. [25]

That September, Guggenheim bought a stake in the entertainment production company Dick Clark Productions, [26] which produces specials such as the American Music Awards and the Golden Globe Awards and other television programming.

In January 2013, the company bought out the remainder of the business-to-business media company Prometheus Global Media [27] [28] and acquired CardCash in November of the same year.[ citation needed ] In February 2014, Guggenheim Partners acquired the Los Angeles Sparks of the WNBA. [29]

In November 2021, it was reported that Guggenheim Investments, alongside the actor Channing Tatum and fellow investment company Endeavor, had agreed to backstop the planned $1 billion merger between Los Angeles-based blank-check firm Bright Lights and Manscaped. [30]

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References

  1. ↑ "Guggenheim Partners – Home" . Retrieved March 19, 2024.
  2. ↑ "Guggenheim 'Excited' About Private Equity, Likes Macro Funds". Bloomberg. October 8, 2009. Retrieved October 13, 2009.
  3. ↑ "Guggenheim Partners provides strategic direction". Guggenheimpartners. Retrieved February 25, 2017.
  4. ↑ Lattman, Peter (March 8, 2012). "Henry Silverman Joins Guggenheim Partners". The New York Times.
  5. ↑ Nicholas Carlson (January 15, 2013). "Ex-Yahoo Interim CEO Ross Levinsohn Is Now CEO Of Guggenheim Digital Media". Business Insider.
  6. ↑ "Guggenheim lands Barclays retail team as flight to boutiques continues". Reuters. May 8, 2013.
  7. ↑ "Verizon Buoys Guggenheim With Taubman on Awarding M&A Roles". Bloomberg.
  8. ↑ "Guggenheim Poaches Tech Banker from Evercore". The New York Times (print and online versions). March 4, 2014. Retrieved March 4, 2014.
  9. 1 2 Stevenson, Alexandra (August 10, 2015). "Guggenheim Partners Pays $20 Million to Settle S.E.C. Charges". The New York Times.
  10. ↑ "Guggenheim Prepares To Sell Hollywood Reporter, Dick Clark Productions To Exec". Deadline Hollywood . December 17, 2015. Retrieved December 18, 2015.
  11. ↑ "Guggenheim Media Spins Off Money-Losing Hollywood Reporter, Billboard to Company President Todd Boehly (Exclusive)". The Wrap. December 17, 2015. Retrieved December 18, 2015.
  12. ↑ Invesco (April 9, 2018). "Invesco expands its ability to meet client needs by completing its acquisition of Guggenheim Investments' ETF business" (PDF). Invesco. Archived from the original (PDF) on January 18, 2022. Retrieved September 18, 2019.
  13. ↑ Peterson, Becky. "IT'S OFFICIAL: IBM is acquiring software company Red Hat for $34 billion". Business Insider. Retrieved September 22, 2019.
  14. ↑ "IBM TO ACQUIRE RED HAT, COMPLETELY CHANGING THE CLOUD LANDSCAPE AND BECOMING WORLD'S #1 HYBRID CLOUD PROVIDER". www.redhat.com. October 28, 2018. Retrieved September 22, 2019.
  15. ↑ "Ex-SEC Enforcement Chief Takes Leadership Role at Guggenheim Partners – News | ABL Advisor". www.abladvisor.com. Retrieved September 9, 2019.
  16. ↑ Protess, Ben (September 3, 2019). "Robert Khuzami, Prosecutor in Michael Cohen Case, Joins Guggenheim Partners". The New York Times. Retrieved September 9, 2019.
  17. ↑ "About Us". Transparent Value. Retrieved May 1, 2012.
  18. ↑ "Guggenheim Partners to Acquire Claymore Group". Reuters. July 31, 2009. Archived from the original on January 5, 2015.
  19. ↑ "Guggenheim Capital unit acquires Wellmark Community Insurance" . Retrieved January 5, 2015.
  20. ↑ John Spence (February 16, 2010). "Guggenheim buys Rydex parent". The Wall Street Journal. Archived from the original on March 15, 2012. Retrieved May 1, 2012.
  21. ↑ Jennifer Booton. "FBL Financial Sells EquiTrust Life Insurance Co. for $440M". Fox Business. Archived from the original on May 25, 2012. Retrieved June 20, 2012.
  22. ↑ "Guggenheim Becoming Major Annuity Player". August 30, 2012. Retrieved January 5, 2015.
  23. ↑ "Guggenheim affiliate buys Sun Life annuity business for $1.35B". Archived from the original on January 5, 2015. Retrieved January 5, 2015.
  24. ↑ Tan, Gillian (March 14, 2014). "Guggenheim Snags Lazard Capital Markets Fixed-Income Team". WSJ. Retrieved September 18, 2019.
  25. ↑ "Guggenheim poaches William Blair bankers". Crain's Chicago Business. July 22, 2019. Retrieved September 18, 2019.
  26. ↑ Nellie Andreeva (September 4, 2012). "Guggenheim Partners-Led Group Reaches Agreement To Buy Dick Clark Prods". Deadline.
  27. ↑ "Prometheus bound". New York Post. January 16, 2013. Retrieved May 29, 2014.
  28. ↑ "Guggenheim Digital Media Buys Remaining Stake in Backstage, Sonic Bids". Adweek. April 18, 2013. Retrieved May 29, 2014.
  29. ↑ Rohlin, Melissa (February 4, 2014). "Sparks bought by investment group led by Magic Johnson and Mark Walter". Los Angeles Times.
  30. ↑ Guildford, Jonathan (November 30, 2021). "Manscaped SPAC shaves public investors' consent". Reuters. Retrieved January 18, 2022.
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