Guggenheim to Sell $2.6B Active Equity Business to New Age Alpha
Guggenheim Investments has sold its actively managed equity funds business to Rye, NY-based investment management firm New Age Alpha. The transaction, expected to close in the fourth quarter, includes 21 mutual and variable insurance funds with total assets under management of about $2.6 billion.
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.
After the transaction closes, Guggenheim Investments will manage about $50 billion in mutual fund assets, including its Rydex family of funds.
New Age Alpha offers strategies through a proprietary methodology based on actuarial science, data analytics, and technology for all equity styles, capitalizations, regions and fixed income.
“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,” said Armen Arus, co-founder and CEO of New Age Alpha. “We embrace the opportunity to propel these funds forward with our dedicated team of experienced professionals.”
