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Guggenheim Partners

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Guggenheim Partners, LLC.
Company typeLimited liability company
IndustryFinancial services
Founded1999 (1999)
FounderGuggenheim family
Mark Walter
J. Todd Morley
Steven E. Johnson
HeadquartersNew York City
Chicago
Area served
Worldwide
Key people
Mark Walter CEO
Alan Schwartz
Fares Noujaim
Thomas J. Irvin
Scott Minerd
Peter O. Lawson-Johnston II
Andrew M. Rosenfield
ProductsInvestment banking
Capital markets
Investment management
Merchant banking
Wealth management
Insurance
Exchange-traded funds
Unit investment trusts
ServicesDiversified financial services
AUM$310 billion
OwnerPrivate
Number of employees
2,300
Websiteguggenheimpartners.com
guggenheiminvestments.com

Guggenheim Partners is a global investment and advisory financial services firm that engages in investment banking, capital markets services, investment management, investment advisory, and insurance services. The firm is headquartered in New York City and Chicago with 2,300 staff located in 20 cities throughout the United States, Europe, and Asia.[1] It has more than $310 billion of assets under management.[2] The firm's CEO is Mark Walter. It has six Managing Partners who are key executives, and with a Senior Leadership Team of 17 other executives, oversee the Firm's businesses. It was founded by Peter Lawson-Johnston II, Solomon R. Guggenheim's great-grandson.[3]

Organization

Guggenheim Partners provides services across insurance services, investment banking, capital markets, strategic direction, investment management, merchant banking, and asset management. Guggenheim Investment Advisors oversees about $50 billion in assets.[4][5]

In June 2009, Guggenheim hired former Bear Stearns CEO Alan Schwartz as Executive Chairman to "focus on transforming Guggenheim's existing broker-dealer, which is focused on sales and trading of fixed income securities, into a full-service investment banking enterprise".[6]

In September 2009, Guggenheim hired former Goldman Sachs partner Peter Comisar as Vice Chairman and Head of West Coast Investment Banking.[7] The West Coast Advisory team is also headed by Managing Directors from Bear Stearns, Moelis & Co and Credit Suisse. The West Coast team focuses on Consumer Retail and Digital E-Commerce advisory while the NY office houses the remaining industry verticals and product groups with the except of oil & gas, which is based out of Houston.

In October 2009, Guggenheim hired former J.P. Morgan head of Media Investment Banking Mark Van Lith as Senior Managing Director and Head of Investment Banking.[8]

In March 2012, Guggenheim hired former Apollo Global Management director and vice chairman Henry Silverman as vice chairman of asset management.[9]

In January 2013, Guggenheim named former Yahoo! interim CEO Ross Levinsohn as CEO of private equity unit Guggenheim Digital Media.[10]

In May & June 2013, the firm also hired Goldman Sachs Group Inc.’s co-head of U.S. leveraged finance capital markets Tom Stein, former Barclays head of retail investment banking and vice chairman Andrew Taussig, as well as managing directors Spencer Hart, Matthew Pilla, Ken Harada and Ryan Mash.[11]

In September 2013, Guggenheim Securities was named a financial adviser to Verizon in connection with its $130 billion acquisition of Vodafone's 45% stake in Verizon Wireless.[12]

Guggenheim Partners Investment Management, the investment arm of Guggenheim Partners, was charged by the Securities and Exchange Commission (SEC) with failure to disclose a $50 million loan made in 2010 to a senior executive from a client. The firm paid $20 million in 2015 to settle the charges.[13] The government agency also found that Guggenheim's compliance program did not prevent violations of federal securities laws. According to the SEC, the firm's employees did not report dozens of trips on clients' private airplanes and had overbilled a client $6.5 million in fees, taking nearly two years to reimburse them.[13]

On December 17, 2015, it was reported that in response to losses across Guggenheim Partners, the company would spin out its media properties into a new holding company, Eldridge Industries, owned by an investment group led by Guggenheim president Todd Boehly, consisting of Mediabistro, Billboard and The Hollywood Reporter, and Dick Clark Productions.[14][15]

In July 2018, Guggenheim announced that it had acquired Millstein & Co., a boutique restructuring advisory firm led by industry veteran Jim Millstein, to bolster its restructuring practice.[16]

Investments

In May 2009, Guggenheim Partners acquired a controlling interest in financial services firm Transparent Value LLC.[17] In July 2009, it acquired Claymore Group, a firm known for its Exchange-traded funds "Guggenheim ETFs". and unit investment trusts "Guggenheim UITs"..[18] In December 2009, Guggenheim acquired a division of Wellmark and renamed it Guggenheim Life & Annuity.[19] In February 2010, Guggenheim Partners acquired Security Benefit Corp, parent company of Rydex Funds.[20] In October 2011, it acquired the life insurance company EquiTrust from FBL Financial Group.[21] In 2012, Guggenheim affiliates acquired the US annuities business of Canadian insurers Industrial Alliance and Sun Life Financial.[22][23]

In March 2012, Guggenheim Baseball Management acquired the Los Angeles Dodgers team for $2.15 billion in cash.[24] The consortium consisted of Guggenheim controlling partner Mark Walter, former Los Angeles Laker Earvin "Magic" Johnson and partners Peter Guber, Stan Kasten, Bobby Patton and Todd Boehly.[25] The acquisition includes the surrounding land and parking lot of Dodger Stadium.[26] Mark Walter said of the acquisition: "It's a lot of money, but if we do our jobs right...the long-term point of view is that people will see that the value was there."[27]

That September, Guggenheim bought a stake in the entertainment production company Dick Clark Productions,[28] which produces specials such as the American Music Awards and the Golden Globe Awards and other television programming.

In January 2013, the company bought out the remainder of the business-to-business media company Prometheus Global Media[29][30] and acquired CardCash in November of the same year.[31] In February 2014, Guggenheim Partners acquired the Los Angeles Sparks of the WNBA.[32]

References

Notes
  1. ^ "Guggenheim Partners – About Us".
  2. ^ "Guggenheim Partners – Home".
  3. ^ "Speaker's Biography: Peter Lawson-Johnston II". Milken Institute. 2005. Retrieved May 1, 2012.
  4. ^ "Guggenheim 'Excited' About Private Equity, Likes Macro Funds". Bloomberg. October 8, 2009. Retrieved October 13, 2009.
  5. ^ "Guggenheim Partners provides strategic direction". Guggenheimpartners. Retrieved February 25, 2017.
  6. ^ "Alan Schwartz Joins Guggenheim Partners as Executive Chairman". Reuters. June 2, 2009. Retrieved October 13, 2009.
  7. ^ "Peter Comisar Joins Guggenheim Securities as Vice Chairman and Head of West Coast Investment Banking". prnewswire.com. September 10, 2009. Retrieved October 13, 2009.
  8. ^ "Mark Van Lith Joins Guggenheim Securities' Investment Banking Group". Reuters. October 7, 2009. Retrieved October 13, 2009.
  9. ^ Lattman, Peter (March 8, 2012). "Henry Silverman Joins Guggenheim Partners". The New York Times.
  10. ^ Nicholas Carlson (January 15, 2013). "Ex-Yahoo Interim CEO Ross Levinsohn Is Now CEO Of Guggenheim Digital Media". Business Insider.
  11. ^ "Guggenheim lands Barclays retail team as flight to boutiques continues". Reuters. May 8, 2013.
  12. ^ "Verizon Buoys Guggenheim With Taubman on Awarding M&A Roles". Bloomberg.
  13. ^ a b Stevenson, Alexandra (August 10, 2015). "Guggenheim Partners Pays $20 Million to Settle S.E.C. Charges". The New York Times.
  14. ^ "Guggenheim Prepares To Sell Hollywood Reporter, Dick Clark Productions To Exec". Deadline.com. Retrieved December 18, 2015.
  15. ^ "Guggenheim Media Spins Off Money-Losing Hollywood Reporter, Billboard to Company President Todd Boehly (Exclusive)". The Wrap. Retrieved December 18, 2015.
  16. ^ https://www.guggenheimpartners.com/firm/news/guggenheim-securities-to-acquire-millstein-co
  17. ^ "About Us". Transparent Value. Retrieved May 1, 2012.
  18. ^ "Guggenheim Partners to Acquire Claymore Group". Reuters. July 31, 2009.
  19. ^ "Guggenheim Capital unit acquires Wellmark Community Insurance". Retrieved January 5, 2015.
  20. ^ John Spence (February 16, 2010). "Guggenheim buys Rydex parent". The Wall Street Journal. Retrieved May 1, 2012.
  21. ^ Jennifer Booton. "FBL Financial Sells EquiTrust Life Insurance Co. for $440M". Fox Business.
  22. ^ "Guggenheim Becoming Major Annuity Player". Retrieved January 5, 2015.
  23. ^ "Guggenheim affiliate buys Sun Life annuity business for $1.35B". Retrieved January 5, 2015.
  24. ^ Bill Shaikin and David Wharton (March 27, 2012). "Magic Johnson-led group is picked as Dodgers' next owner". The Los Angeles Times. Retrieved May 1, 2012.
  25. ^ Matthew Futterman (March 29, 2012). "$2 Billion Dodgers Price Tag Shatters Records". The Wall Street Journal. Retrieved May 1, 2012.
  26. ^ "Magic Johnson group buys Dodgers for $2 billion". The Wall Street Journal. March 28, 2012. Retrieved May 1, 2012.
  27. ^ "New LA Dodgers owners explore ways to boost value". Orlando Sentinel. May 2, 2012. Retrieved May 3, 2012.
  28. ^ Nellie Andreeva. "Guggenheim Partners-Led Group Reaches Agreement To Buy Dick Clark Prods". Deadline.
  29. ^ "Prometheus bound". New York Post. Retrieved May 29, 2014.
  30. ^ "Guggenheim Digital Media Buys Remaining Stake in Backstage, Sonic Bids". Adweek. Retrieved May 29, 2014.
  31. ^ "Investments 9 Investments in 7 Companies". CrunchBase. Retrieved February 14, 2015. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  32. ^ Rohlin, Melissa (February 4, 2014). "Sparks bought by investment group led by Magic Johnson and Mark Walter". Los Angeles Times.


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