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DONE WITH IT: Guggenheim Partners Spins Off Hedge Fund Unit

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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.

Interesting Name

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.

DOJ Investing Tesla Over Musk Comments

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The U.S. Department of Justice (DOJ) is conducting a fraud investigation over Tesla as its CEO Elon Musk made public statements on twitter. This is a criminal probe. In addition, earlier, SWFI reported the U.S. Securities and Exchange Commission (SEC) is conducting a civil inquiry into Elon Musk regarding his statements.

This all surrounds Musk tweeting in August that he was thinking of taking Tesla private and had “funding secured” for the transaction. Both government authorities are seeing if Musk misled investors and violated federal securities laws with his public statements.

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Marsh & McLennan Companies to Acquire JLT Group

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Marsh & McLennan Companies, Inc. (MMC), a global professional services firm offering clients advice and solutions in risk, strategy and people, announced that it has reached an agreement to acquire Jardine Lloyd Thompson Group plc (JLT), a provider of insurance, reinsurance and employee benefits related advice, brokerage and associated services. The transaction has been approved by the Board of Directors of each of MMC and JLT. JLT’s largest shareholder, Jardine Matheson Holdings, and JLT directors who collectively represent 40.5% of the issued and outstanding JLT shares in support of the transaction.

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Indigo Ag Raises Series E Round

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Indigo Ag, Inc. raised US$ 250 million in a Series E funding round. The company is focused on creating innovative microbial products that increase crop yields in the face of environmental, disease, and pest stress. The investors in this round include Baillie Gifford, Investment Corporation of Dubai, the Alaska Permanent Fund Corporation, and the company’s founder, Flagship Pioneering. After the Series E, in total, Indigo has raised over US$ 650 million.

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