Mitsubishi UFG Investor Services agreed to acquire Rydex Fund Services, the mutual fund administration business of Guggenheim Investments.
Terms were not disclosed.
The acquisition, expected to close in the fourth quarter, would add $52 billion in assets under administration to the asset-servicing business of Mitsubishi UFG Financial Group, bringing its total AUA to $422 billion, MUFG said in a news release.
The Rydex assets are in mutual funds, exchange-traded funds and closed-end funds under the Guggenheim and Rydex brands. Guggenheim will continue to manage the assets.
An MUFG spokesman said all Rydex employees will move to MUFG, including Nikolaos Bonos, Rydex president. Mr. Bonos’ title at MUFG has not yet been determined.
