Last year, exchange traded fund (ETF) provider Claymore was bought by Guggenheim Partners. This year, Claymore’s ETFs will now be known as Guggenheim ETFs.
But that’s the only change in store for the funds – all ticker symbols and other ETF attributes will remain the same. Claymore’s U.S. ETF business has about $2.9 billion in assets under management, up 45% from August 2009. Some of the provider’s most popular funds include and the Guggenheim BRIC (NYSEArca: EEB) and Guggenheim/AlphaShares China Small Cap (NYSEArca: HAO).
Steven Baffico, Guggenheim’s senior managing director, says that the objective of the name change, which took effect on Monday is to create more uniformity across the company.
“I hope it changes nothing for investors. We’re not changing the products, as far as the mandate. I’m hopeful that the market receptivity is one which acknowledges the market leadership and intellectual capital of both firms,” he says.
Under the new name, Guggenheim will strive to be a market leader in the way it manufactures products, says Baffico, citing the new BulletShares as an example. With that line of ETFs, “we’ve partnered with Guggenheim’s investment management expertise to create a first-to-market product, but it’s more of a core product.”
Baffico hopes that the switch to the Guggenheim name seamlessly melds together the ideals of both Claymore and Guggenheim.
The Claymore name, Baffico says, has been synonymous with innovation and first-to-market strategies. The Guggenheim name, on the other hand, “is an iconic legacy that represents the epitome of the American success story.”
“I’m hopeful in the name change that we embody both of those legacies.”