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.”
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.