Guggenheim Partners
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Guggenheim Partners

Guggenheim Partners, LLC
Limited liability company
IndustryFinancial services, Sports investment
Founded1999 (1999)
FounderGuggenheim family
Mark Walter
J. Todd Morley
Dominic Curcio
Peter Lawson-Johnston II
HeadquartersNew York City
Chicago
Area served
Worldwide
Key people
Mark Walter CEO
Alan Schwartz
Thomas J. Irvin
Scott Minerd
Peter O. Lawson-Johnston II
Andrew M. Rosenfield
ProductsInvestment banking
Capital markets
Investment management
Merchant banking
Wealth management
Insurance
Exchange-traded funds
Unit investment trusts
ServicesDiversified financial services
AUM$270 billion
OwnerPrivate
Number of employees
2,400
Websiteguggenheimpartners.com
guggenheiminvestments.com

Guggenheim Partners is a global investment and advisory financial services firm that engages in investment banking, asset management, capital markets services, and insurance services. The firm is headquartered in New York City and Chicago with 2,400 staff located in 17 cities throughout the United States, Europe, and Asia.[1] It has more than $275 billion of assets under management.[2] The firm's CEO is Mark Walter. It has six Managing Partners who are key executives, and with a Senior Leadership Team of 13 other executives, oversee the Firm's businesses. The four original founders include Peter Lawson-Johnston II, Solomon R. Guggenheim's great-grandson, J. Todd Morley, Mark R. Walter, and Dominic J. Curcio. [3]

Organization

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.[4][5]

In June 2009, Guggenheim hired former Bear Stearns CEO Alan Schwartz as Executive Chairman to "focus on transforming Guggenheim's existing broker-dealer, which is focused on sales and trading of fixed income securities, into a full-service investment banking enterprise".[6]

In September 2009, Guggenheim hired former Goldman Sachs partner Peter Comisar as Vice Chairman and Head of West Coast Investment Banking.[7] The West Coast Advisory team is also headed by Managing Directors from Bear Stearns, Moelis & Co and Credit Suisse. The West Coast team focuses on Consumer Retail and Digital E-Commerce advisory while the NY office houses the remaining industry verticals and product groups with the except of oil & gas, which is based out of Houston.

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.[8]

In March 2012, Guggenheim hired former Apollo Global Management director and vice chairman Henry Silverman as vice chairman of asset management.[9]

In January 2013, Guggenheim named former Yahoo! interim CEO Ross Levinsohn as CEO of private equity unit Guggenheim Digital Media.[10]

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.[11]

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.[12]

In September 2014, Guggenheim hired former Chief Operating Officer of Barclays Global Corporate and Investment Banking Gerald A. Donini as a Senior Managing Director.[13] In September 2015, Donini and Mark Van Lith were named as Co-Chief Executive Officers of Guggenheim Securities.[14]

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 from a client. The firm paid $20 million in 2015 to settle the charges.[15] 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.[15]

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.[16][17]

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 Feb. 28, 2018) for $1.2 billion in cash.[18]

In July 2018, Guggenheim announced that it had acquired Millstein & Co., a boutique restructuring advisory firm led by industry veteran Jim Millstein, to bolster its restructuring practice.[19]

In October 2018, Guggenheim Securities was named the lead financial adviser to Red Hat in connection with its $34 billion sale to IBM.[20] The Red Hat sale is the largest software transaction in history.[21]

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.[22] 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.[23]

Investments

In May 2009, Guggenheim Partners acquired a controlling interest in financial services firm Transparent Value LLC.[24] In July 2009, it acquired Claymore Group, a firm known for its Exchange-traded funds "Guggenheim ETFs". and unit investment trusts "Guggenheim UITs"..[25] In December 2009, Guggenheim acquired a division of Wellmark and renamed it Guggenheim Life & Annuity.[26] In February 2010, Guggenheim Partners acquired Security Benefit Corp, parent company of Rydex Funds.[27] In October 2011, it acquired the life insurance company EquiTrust from FBL Financial Group.[28] In 2012, Guggenheim affiliates acquired the US annuities business of Canadian insurers Industrial Alliance and Sun Life Financial.[29][30]

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.[31] Also in 2014, the firm acquired the London operations of Lazard Capital Markets.[32] 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.[33]

That September, Guggenheim bought a stake in the entertainment production company Dick Clark Productions,[34] 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[35][36] and acquired CardCash in November of the same year.[37] In February 2014, Guggenheim Partners acquired the Los Angeles Sparks of the WNBA.[38]

References

Notes
  1. ^ "Guggenheim Partners - About Us".
  2. ^ "Guggenheim Partners - Home". Retrieved 2019.
  3. ^ "Speaker's Biography: Peter Lawson-Johnston II". Milken Institute. 2005. Retrieved 2012.
  4. ^ "Guggenheim 'Excited' About Private Equity, Likes Macro Funds". Bloomberg. October 8, 2009. Retrieved 2009.
  5. ^ "Guggenheim Partners provides strategic direction". Guggenheimpartners. Retrieved 2017.
  6. ^ "Alan Schwartz Joins Guggenheim Partners as Executive Chairman". Reuters. June 2, 2009. Retrieved 2009.
  7. ^ "Peter Comisar Joins Guggenheim Securities as Vice Chairman and Head of West Coast Investment Banking". prnewswire.com. September 10, 2009. Retrieved 2009.
  8. ^ "Mark Van Lith Joins Guggenheim Securities' Investment Banking Group". Reuters. October 7, 2009. Retrieved 2009.
  9. ^ Lattman, Peter (March 8, 2012). "Henry Silverman Joins Guggenheim Partners". The New York Times.
  10. ^ Nicholas Carlson (January 15, 2013). "Ex-Yahoo Interim CEO Ross Levinsohn Is Now CEO Of Guggenheim Digital Media". Business Insider.
  11. ^ "Guggenheim lands Barclays retail team as flight to boutiques continues". Reuters. May 8, 2013.
  12. ^ "Verizon Buoys Guggenheim With Taubman on Awarding M&A Roles". Bloomberg.
  13. ^ Partners, Guggenheim. "Guggenheim Partners Hires Securities Executive Gerald A. Donini". www.prnewswire.com. Retrieved 2019.
  14. ^ "Guggenheim Partners Expands Senior Leadership in Guggenheim Securities". Guggenheim Partners. Retrieved 2019.
  15. ^ a b Stevenson, Alexandra (August 10, 2015). "Guggenheim Partners Pays $20 Million to Settle S.E.C. Charges". The New York Times.
  16. ^ "Guggenheim Prepares To Sell Hollywood Reporter, Dick Clark Productions To Exec". Deadline.com. Retrieved 2015.
  17. ^ "Guggenheim Media Spins Off Money-Losing Hollywood Reporter, Billboard to Company President Todd Boehly (Exclusive)". The Wrap. Retrieved 2015.
  18. ^ Invesco (April 9, 2018). "Invesco expands its ability to meet client needs by completing its acquisition of Guggenheim Investments' ETF business" (PDF). Invesco.
  19. ^ https://www.guggenheimpartners.com/firm/news/guggenheim-securities-to-acquire-millstein-co
  20. ^ Peterson, Becky. "IT'S OFFICIAL: IBM is acquiring software company Red Hat for $34 billion". Business Insider. Retrieved 2019.
  21. ^ "IBM TO ACQUIRE RED HAT, COMPLETELY CHANGING THE CLOUD LANDSCAPE AND BECOMING WORLD'S #1 HYBRID CLOUD PROVIDER". www.redhat.com. Retrieved 2019.
  22. ^ "Ex-SEC Enforcement Chief Takes Leadership Role at Guggenheim Partners - News | ABL Advisor". www.abladvisor.com. Retrieved 2019.
  23. ^ Protess, Ben (September 3, 2019). "Robert Khuzami, Prosecutor in Michael Cohen Case, Joins Guggenheim Partners". The New York Times. Retrieved 2019.
  24. ^ "About Us". Transparent Value. Retrieved 2012.
  25. ^ "Guggenheim Partners to Acquire Claymore Group". Reuters. July 31, 2009.
  26. ^ "Guggenheim Capital unit acquires Wellmark Community Insurance". Retrieved 2015.
  27. ^ John Spence (February 16, 2010). "Guggenheim buys Rydex parent". The Wall Street Journal. Retrieved 2012.
  28. ^ Jennifer Booton. "FBL Financial Sells EquiTrust Life Insurance Co. for $440M". Fox Business.
  29. ^ "Guggenheim Becoming Major Annuity Player". Retrieved 2015.
  30. ^ "Guggenheim affiliate buys Sun Life annuity business for $1.35B". Retrieved 2015.
  31. ^ "Guggenheim Partners Announces Launch of Representative Office in Japan". Guggenheim Partners. July 30, 2014.
  32. ^ Tan, Gillian (March 14, 2014). "Guggenheim Snags Lazard Capital Markets Fixed-Income Team". WSJ. Retrieved 2019.
  33. ^ "Guggenheim poaches William Blair bankers". Crain's Chicago Business. July 22, 2019. Retrieved 2019.
  34. ^ Nellie Andreeva. "Guggenheim Partners-Led Group Reaches Agreement To Buy Dick Clark Prods". Deadline.
  35. ^ "Prometheus bound". New York Post. Retrieved 2014.
  36. ^ "Guggenheim Digital Media Buys Remaining Stake in Backstage, Sonic Bids". Adweek. Retrieved 2014.
  37. ^ "Investments 9 Investments in 7 Companies". CrunchBase. Retrieved 2015.
  38. ^ Rohlin, Melissa (February 4, 2014). "Sparks bought by investment group led by Magic Johnson and Mark Walter". Los Angeles Times.

External links


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