Guggenheim Partners is seeking buyers for Claymore Investments, the Canadian ETF provider it acquired two years ago, said people with knowledge of the matter.
Guggenheim hired J.P. Morgan Chase and Royal Bank of Canada to find buyers, said the people, who spoke on condition of anonymity because the effort is private. The unit, which had US$6.8 billion of assets under management as of Oct. 31, may fetch several hundred million dollars in a sale, the people said.
Guggenheim acquired the business through its purchase of Claymore Group, announced in July 2009 and completed later that year. In 2010, when it rebranded Claymore’s U.S.-registered funds and business units under the Guggenheim name, Claymore Investments kept its brand.
Jeffrey Kelley, a spokesman for Guggenheim, declined to comment.
Claymore’s US$6.6 billion in ETF assets under management as of Oct. 31 amounts to 16% of the Canadian market, according to data compiled by BlackRock. Only BlackRock’s iShares unit is bigger, with US$28.5 billion.
Guggenheim, founded in 2000 with backing from the Guggenheim family, is based in Chicago and New York and oversees more than $125 billion in customer assets, according to the company’s website.