ETF Provider Rydex Acquired by Security Benefit
June 28th at 9:07am by Tom Lydon
Security Benefit announced today a purchase agreement stating that it will acquire Rydex Investments and its exchange traded fund (ETF) lineup. This will create a leading-edge retirement, mutual fund and investment technology organization with $35 billion in assets under management. The merge also will make Security Benefit the sixth largest provider of ETFs, according to the press release.
I just got off the conference call with Security Benefit Chairman, President and CEO Kris Robbins and Rydex CEO Carl Verboncoeur. The key benefit of the acquisition seems to be that Security Benefit will have greater penetration in the retirement planning/401K business if they can offer more innovative investment vehicles … the kind in which Rydex specializes. Collectively, these companies will have better distribution in the marketplace.
Read the full disclosure, as Tom Lydon is a Rydex Investments board member.
