Guggenheim Partners and Rydex/SGI announced Wednesday that Guggenheim will acquire Rydex in the first quarter of 2012 and combine its asset management capabilities under the name Guggenheim Investments. Once the deal is closed, Guggenheim Investments will have $119 billion of assets under management. Terms of the acquisition were not disclosed.

Guggenheim specializes in serving institutional and ultra-high-net-worth investors, family offices and investment advisors. Rydex offers mutual funds, currency trusts and exchange-traded funds.

“Over the years, we have strategically grown our investment management capabilities both organically and through acquisition,” said Guggenheim Partners President Todd Boehly. “Every step of this process was guided by a desire to provide our clients with a wide array of innovative investment solutions to help achieve their financial goals. Guggenheim Investments is the next logical step in this disciplined and thoughtful approach to building our asset management business for the long term.”

Boehy will continued to lead the firm, along with Guggenheim Chief Investment Officer Scott Minerd, Chief Administrative Officer Don Cacciapaglia and Chief Operating Officer Richard Goldman.

-- This article first appeared on Money Management Executive.