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Retirement Planning > Social Security

Guggenheim To Acquire Security Benefit

By staff Writer

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A Chicago investment management company has agreed to scoop up Security Benefit Corp.

Guggenheim Partners L.L.C. will join with other investors to acquire Security Benefit, Topeka, Kan., a retirement products provider, according to Guggenheim and Security Benefit.

“This transaction enables us to accelerate Security Benefit’s growth given the marketplace’s increasing demand for robust retirement programs and investment strategies,” Todd Boehly, managing partner of Guggenheim, says in a statement.

Security Benefit is the parent of Security Financial Resources, which sells retirement plan services; Security Benefit Life, which sells annuities; se2, a financial services administrative services firm; and SGI-Security Global Investors and Rydex-SGI, an asset management firm formerly known as Rydex Investments.

Rydex, a business acquired by Security Benefit in 2008, runs index funds and exchange-traded funds.

Guggenheim should be able to help Security Benefit invest in improving its technology, developing new products and strengthening its ratings, Guggenheim says.

Guggenheim and Security Benefit began working together in June 2009, when Guggenheim became the investment advisor for Security Benefit’s general account.

Howard Fricke, a past president of Security Benefit and its chairman until 2006, will act as the interim chairman, president and chief executive officer of the company until Guggenheim names a permanent president and CEO, the companies say.

Todd Boehly, who has headed Guggenheim’s credit investment management business, will become the chairman of Security Benefit when the deal closes, Guggenheim says.

Kris Robbins, who has been Security Benefit’s chairman, president and CEO, has announced his immediate retirement, according to Security Benefit and Guggenheim. Earlier this year, Robbins said he was moving to the Kansas City, Mo., area temporarily to help his mother-in-law while she undergoes treatment for cancer, according to Topeka press reports.

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