|Limited liability company|
J. Todd Morley
Steven E. Johnson
New York City|
Mark Walter CEO|
Thomas J. Irvin
Peter O. Lawson-Johnston II
Andrew M. Rosenfield
Unit investment trusts
|Services||Diversified financial services|
Number of employees
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. It has more than $310 billion of assets under management. 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.
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.
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".
In September 2009, Guggenheim hired former Goldman Sachs partner Peter Comisar as Vice Chairman and Head of West Coast Investment Banking. 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 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.
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. 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.
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.
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.
In May 2009, Guggenheim Partners acquired a controlling interest in financial services firm Transparent Value LLC. In July 2009, it acquired Claymore Group, a firm known for its Exchange-traded funds "Guggenheim ETFs". and unit investment trusts "Guggenheim UITs".. In December 2009, Guggenheim acquired a division of Wellmark and renamed it Guggenheim Life & Annuity. In February 2010, Guggenheim Partners acquired Security Benefit Corp, parent company of Rydex Funds. In October 2011, it acquired the life insurance company EquiTrust from FBL Financial Group. In 2012, Guggenheim affiliates acquired the US annuities business of Canadian insurers Industrial Alliance and Sun Life Financial.
In March 2012, Guggenheim Baseball Management acquired the Los Angeles Dodgers team for $2.15 billion in cash. 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. The acquisition includes the surrounding land and parking lot of Dodger Stadium. 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."
That September, Guggenheim bought a stake in the entertainment production company Dick Clark Productions, 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 and acquired CardCash in November of the same year. In February 2014, Guggenheim Partners acquired the Los Angeles Sparks of the WNBA.