MUFG Investor Services, the global asset servicing group of Mitsubishi UFJ Financial Group, has completed the acquisition of Rydex Fund Services.
MUFG first revealed in July that it had entered into an agreement with Guggenheim Investments to purchase Rydex.
This deal builds on MUFG Investor Services’ full service offering for alternative investment managers, adding regulated 1940-Act mutual fund and exchange traded fund services to a service proposition including single manager, fund of hedge fund, private equity, and traditional asset managers.
“Rydex Fund Services is a valuable addition to our business, particularly at a time when demand for liquid alternative strategies and their importance in portfolio construction are growing at a fast pace,” said Michael Rucci, CEO, MUFG Fund Services (USA).
“Through this acquisition, we are perfectly placed to offer new and innovative solutions and ensure our clients take advantage of the best market opportunities.”
The acquisition adds $52 billion of assets under administration (AuA) and brings the total AuA for MUFG Investor Services to $422 billion. The assets serviced by Rydex Fund Services primarily consist of Guggenheim and Rydex branded mutual funds, exchange-traded products and closed-end funds, for which Guggenheim Investments will continue to serve as investment advisor.
“This partnership is a significant step forward for Rydex Fund Services, as it will create greater opportunities for our employees and clients, and enable us to continue the growth of the business in the future,” said Nikolaos Bonos, head of Rydex Fund Services.
“MUFG Investors Services’ strategic focus on asset servicing and commitment to invest in the client franchise make it an ideal partner for us.”
MUFG completes Rydex Fund Services purchase
MUFG has now completed the acquisition of Rydex Fund Services after a deal was provisionally agreed in July.