The Rydex Funds has been selected to sub-advise the Wells S&P Real Estate Investment Trust fund, the company announced today. The agreement with Wells Asset Management represents only the second sub-advisory relationship for Rydex.
The previous sub-advisor to the fund was Gateway Investment Advisors. The Wells fund was the only one Gateway sub-advised and the company decided to quit sub-advising the fund. "We stopped sub-advising for internal reasons," said Geoffrey Keenan, COO for Gateway. "Were not really commenting on why."