Rumors are floating around that Guggenheim Partners is in serious discussions about merging the Rydex ETF family with the Claymore ETF family under the brandname of Guggenheim Funds.
On December 23, I was scheduled to have a lunch meeting with Steve Baffico, who oversees the retail business including distribution, strategy, marketing, investment product development, and strategic initiatives for Guggenheim Funds, which is the new name for the ETF firm formerly known as Claymore Securities.
After cancelling a lunch in mid December, we had rescheduled for the day before the Christmas Eve. The PR guy confirmed the reservation the afternoon before. Around 11 am, the PR guy cancelled the lunch and said Baffico had been called into a last minute, emergency, all-day meeting.
Now really, what kind of company calls a last minute, all-day meeting the day before Christmas break? Pretty suspicious. I made a few calls and sources said Guggenheim Partners was holding a meeting to discuss merging the Rydex and Claymore families into one. Made a few more calls and found out Rydex had held a similar meeting earlier in the week.
No one is willing to go on the record to confirm the merger story, but expect to hear news of the merger in January.