Security Benefit, the Topeka-based financial services holding company has signed a definitive purchase agreement to acquire Rydex Investments, Rockville, Maryland. The combined organization is expected to have roughly $35 billion in assets under management and $52 billion of assets under administration when the deal closes later this year. The acquisition allows Security Benefit to add Rydex’s 58 mutual funds, 25 ETFs and 55 institutional offerings to its existing investment management capabilities.

In a conference call with journalists to announce the deal Kris Robbins, Security Benefit chairman/president/CEO and Carl Verboncoeur, Rydex’s chief investment officer, indicated that Rydex will maintain its current management team and existing locations.

Robbins described the move as a strategic rather than transactional one and said that it would allow both companies to continue to grow while providing additional benefits to clients, distribution partners and employees.

The terms of the transaction, expected to be completed in the fourth quarter of this year were not disclosed.