NEW YORK, June 05, 2024 (GLOBE NEWSWIRE) -- Guggenheim Investments and New Age Alpha today announced a definitive agreement under which New Age Alpha will acquire Guggenheim Investments' actively managed equity funds business. The transaction includes 21 mutual and variable insurance funds with aggregate total assets under management of approximately $2.6 billion out of Guggenheim Investments’ more than $234 billion in total assets managed. The transaction is expected to close in the fourth quarter of 2024, subject to shareholder and third-party approvals, and regulatory filings.
Guggenheim Investments is the asset management and investment advisory division of Guggenheim Partners, a global investment and advisory firm with approximately $320 billion in assets under supervision. New Age Alpha is an investment management firm offering strategies incorporating a proprietary methodology based on actuarial science, data analytics, and technology.
Guggenheim Investments is committed to providing world-class mutual funds to retail and other investors. The firm was one of the 10 best-selling active fund shops of 2023* and in March 2024, was named the #1 Taxable Bond Fixed Income Family by Barron's (out of 49 fund families based on relative 1-year performance as of 12.31.2023).** Following the closing of the transaction, Guggenheim Investments will manage approximately $50 billion in mutual fund assets, including its Rydex family of funds.
“Today's agreement underscores Guggenheim Investments’ continued commitment to focus on our core strength and market leadership in fixed income,” said Dina DiLorenzo, President of Guggenheim Investments. “We are confident that the shareholders of the actively managed equity funds will find an attractive partner and platform in New Age Alpha to meet their investment needs.”
“The acquisition of Guggenheim's actively managed equity funds business is a significant step forward for New Age Alpha and positions us well for long-term growth,” said Armen Arus, Co-Founder and Chief Executive Officer of New Age Alpha. “Actively managed mutual and variable insurance funds will be a core focus for New Age Alpha moving forward, alongside our fast-growing index licensing, SMA, and alternatives businesses. We embrace the opportunity to propel these funds forward with our dedicated team of experienced professionals.”
About Guggenheim Investments
Guggenheim Investments is the global asset management and investment advisory division of Guggenheim Partners, a global investment and advisory firm with more than $320 billion in assets under management/supervision.***
Guggenheim Investments has more than $234 billion in total assets across fixed income, equity and alternative strategies.****
Guggenheim Investments focuses on the return and risk needs of insurance companies, corporate and public pension funds, sovereign wealth funds, endowments and foundations, wealth managers and high net worth investors with a track record of delivering results through innovative solutions. For more information, please visit https://www.guggenheiminvestments.com.
About New Age Alpha
New Age Alpha is an investment management firm based in Rye, New York offering diverse investment products based on its proprietary probability driven ERF investment methodology.
New Age Alpha applies its disciplined and systematic investment approach across all equity styles, capitalizations, regions and fixed income and is committed to delivering exceptional outcomes for its clients.
For more information, please visit https://www.newagealpha.com.
Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objective, risks charges, expenses and the other information, which should be considered carefully before investing. To obtain a prospectus and summary prospectus (if available) click here or call 800.820.0888.
All asset figures referenced herein are based on 3.31.2024 figures. Investing involves risk, including the possible loss of principal. Guggenheim and Rydex Funds are distributed by Guggenheim Funds Distributors, LLC. GI61572
* Source: Morningstar Direct. Data includes open-end mutual funds and does not include ETFs, money market funds or funds of funds.
** Past performance does not guarantee future results. For Barron’s Top Fund Families all mutual and exchange-traded funds are required to report their returns after fees are deducted, but Barron’s calculates returns before any 12b-1 fees are deducted, in order to measure manager skill (independent of expenses beyond annual management fees). Similarly, sales charges aren’t included in the calculation. Each fund’s performance is measured against all of the other funds in its LSEG Lipper category, with a percentile ranking of 100 being the highest and 1 the lowest. This result is then weighted by asset size, relative to the fund family’s other assets in its general classification. If a family’s biggest funds do well, it boosts its overall ranking; poor performance in its biggest funds hurts its ranking. To be included, a firm must have at least 3 funds in the general equity category, 1 world equity, 1 mixed equity (such as a balanced or target-date fund), 2 taxable bond funds, and 1 national tax-exempt bond fund. Single-sector and country equity funds are factored into the rankings as general equity. All passive index funds are excluded, including pure index, enhanced index, and index-based, but actively managed ETFs and smart-beta ETFs (passively managed but created from active strategies) are included. Finally, the score is multiplied by the weighting of its general classification, as determined by the entire Lipper universe of funds. The category weightings for the 1-year results in 2023 were general equity, 37.7%; mixed asset, 22%; world equity, 16.1%; taxable bond, 20.1%; and tax-exempt bond, 4%. Then the numbers are then added for each category and overall. The shop with the highest total score wins. Copyright ©2024 Dow Jones & Company, All Rights Reserved.
*** Assets are as of 3.31.2024 and include consulting services for clients whose assets are valued at approximately $92bn.
**** As of 3.31.2024 and includes leverage of approximately $14.5bn. Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.
Contacts:
Guggenheim Investments
Gerard Carney
Gerard.carney@guggenheimpartners.com
917-703-6368
New Age Alpha LLC
Greg Brushett
gbrushett@newagealpha.com
212.922.2688
