Guggenheim Partners and Claymore Group announced they have entered into a merger agreement.
As part of the transaction, Claymore Group and its associated entities including Claymore Securities, Claymore Advisors and Claymore Investments in Canada, will become wholly owned subsidiaries of Guggenheim Partners. Terms of the transaction were not disclosed.
"We are extremely pleased to have entered into this agreement with Claymore," stated Mark Walter, chief executive officer of Guggenheim Partners. "The transaction will enhance our retail distribution, product development and marketing prowess, especially among financial advisors. Like Guggenheim, Claymore embraces innovation while remaining entirely focused on the needs of its clients. Together, we will reach a broader array of investors with innovative financial products as well as best-in-class asset management and research services."
As the end of July, Claymore managed around $13 billion in closed-end funds, exchange-traded funds and unit investment trusts.