DONE WITH IT: Guggenheim Partners Spins Off Hedge Fund Unit
Guggenheim Partners sold the company’s multi-asset strategy hedge fund which launched in 2011 to a management group which includes, Loren Katzovitz and Patrick Hughes, managing partners of Guggenheim Global Trading (GGT). GGT is the firm’s proprietary trading division which beefed up hires in 2011. The new company is also picking up GGT CFO Michael Carrieri, GGT Chief Compliance Officer Thomas Wynn and GGT Chief Risk Officer Jules Buxbaum. The buyout team also included Mark Standish who is the former co-CEO of Royal Bank of Canada’s capital markets group. Last, the new company is being supported by an equity investment from Ares Management LP.
The spin out was named Deimos Asset Management. In Greek mythology, Deimos was the personification of terror and the son of Greek gods Ares and Aphrodite. The new company is based out of Purchase, New York. Guggenheim struggled with the unit as its performance lagged benchmarks and failed to meet its goal of raising US$ 2 billion.
Alan Schwartz is the executive chairman of Guggenheim Partners and is the former CEO of Bear Stearns.
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