News

Guggenheim acquisition of Security Benefit positive for Australian market

18 February 2010

Security Benefit, 100% owner of Bennelong Funds Management's global equities provider Security Global Investors (SGI), announced that it has reached an agreement to be acquired by a Guggenheim Partners-led group of investors.

Guggenheim, a global diversified financial services firm with more than $100 billion in assets under supervision, will make an investment of approximately $US400 million in Security Benefit, which will accelerate the growth of the SGI business, enhancing its technology and product development capabilities.

Jarrod Brown, Bennelong Funds Management's CEO, said "this is a very positive development for Security Benefit which supports the global investment capabilities that we offer to the Australian market through our relationship with Security Global Investors. Guggenheim's purchase of Security Benefit will significantly strengthen its capital position and resource base."

The transaction is expected to close during the second or third quarter of this year, subject to certain regulatory and other approvals. For further information about the acquisition, see press release or Transaction Fact Sheet from Security Benefit/Guggenheim.