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Friday, March 27, 2009

Rydex to Rechristen Several Funds Next Week

by: Armie Margaret Lee

Rydex Investments plans to rename three funds -- Rydex Sector Rotation, International Rotation and Absolute Return Strategies -- to "better align with their investment objectives and strategies," company officials said. Rydex is rechristening six other funds to more clearly reflect their benchmarks.

The changes will take effect April 1.

The Rydex funds that will undergo name changes are:

  • Rydex Absolute Return Strategies Fund to Rydex Multi-Hedge Strategies Fund
  • Rydex International Rotation Fund to Rydex International Opportunity Fund
  • Rydex Sector Rotation Fund to Rydex All-Cap Opportunity Fund
  • Rydex Large-Cap Growth Fund to Rydex S&P 500 Pure Growth Fund
  • Rydex Large-Cap Value Fund to Rydex S&P 500 Pure Value Fund
  • Rydex Mid-Cap Growth Fund to Rydex S&P Mid-Cap 400 Pure Growth Fund
  • Rydex Mid-Cap Value Fund to Rydex S&P Mid-Cap 400 Pure Value Fund
  • Rydex Small-Cap Growth Fund to Rydex S&P Small-Cap 600 Pure Growth Fund
  • Rydex Small-Cap Value Fund to Rydex S&P Small-Cap 600 Pure Value Fund

  • Rockville, Maryland-based Rydex was purchased by Security Benefit in a deal that closed in January of last year. Two months ago, the Topeka, Kansas-based insurer announced the integration of Rydex into its other asset management business, Security Global Investors (see The MFWire, 01/14/09).

    The combined businesses now operate as Security Global Investors. It markets its products as Security Global Investors to the institutional investment market, and as Rydex Investments to the retail space.  

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