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Guggenheim confirms Claymore could be sold

Som Seif, President and CEO, Claymore Investments, Inc., Toronto.

Claymore Investments, Inc.

Guggenheim Partners LLC, a U.S. financial-services company, has confirmed it is considering the sale of Claymore Investments Inc., the Canadian provider of exchange-traded funds it acquired two years ago.

A sale is just one of the options being considered, spokespeople for each company said. They declined to comment on the price or timing of a possible transaction. Claymore said its funds, strategy and management will be unaffected.

"Guggenheim has been a great partner and investor in our business," Som Seif, the founder and president of Toronto-based Claymore, said in an interview Friday. "The philosophy of our organization is not changing in any way."

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Mr. Seif said he would retain his role in any ownership change. Claymore is wholly owned by Guggenheim Funds Services Group Inc., an indirect subsidiary of Guggenheim Partners.

Claymore manages $7-billion in ETFs, representing about 16 per cent of the Canadian market. It's No. 2 behind BlackRock Inc.'s iShares unit, which has more than two-thirds of the market. Horizons ETFs Management (Canada) Inc.'s BetaPro is third with about 8 per cent.

"The opportunistic decision to review strategic alternatives reflects the tremendous value that Claymore has created in a short time," Guggenheim said in a statement. "We couldn't be more pleased with our partnership with Som and his team and remain confident in the company's growth prospects."

The possible sale was reported earlier by Bloomberg News.

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About the Author
Investment Reporter

Nicolas Johnson has covered global finance, markets and investing since 1998. He joined The Globe and Mail in 2011. He has worked as a reporter and editor with Bloomberg News in Paris and Tokyo, and also worked briefly in emerging-market debt at Société Générale. More

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