The SEC's Guggenheim Investigation is About Real Estate
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Tuesday, April 17, 2018

The SEC's Guggenheim Investigation is About Real Estate

The SEC is reportedly investigating one of Guggenheim Partners' affiliates, but the mutual fund business doesn't seem to factor in.

The regulatory agency is investigating Guggenheim Partners Investment Management over several real estate transactions involving ABS Capital, which is owned by two Guggenheim alumni, the Wall Street Journal, the New York Post, Reuters, and CityWire all report. In a statement to several publications, representatives of Guggenheim say that the firm is "cooperating fully" with the investigation, and the reports clarify that Guggenheim itself hasn't been accused of wrongdoing.

The reports make no mention of any investigation connection to Guggenheim Investments, which managed more than $250 billion as of December 31 and supports both institutional investors and mutual funds. (Guggenheim Investments sold its ETF business to Invesco earlier this month.)

The SEC investigation seems to involve several Los Angeles-area real estate deals involving ABS and Guggenheim Partners CEO Mark Walter (and, in one case, Guggenheim distribution executive Alexandra Court, who has been on leave since June). Last summer reports surfaced about a rumored "power struggle" between Walter and global chief investment officer Scott Minerd and about a rumored relationship between Court and Walter. Guggenheim has pushed back against both rumors.

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