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SBD/February 28, 2013/Finance
Fortune Profiles Guggenheim Partners, A "Powerhouse On The Prowl"
Published February 28, 2013
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THE FACES OF THE FIRM: Guggenheim's “rapid growth in assets under management -- from $5 billion to $170 billion in 14 years -- is a tribute to the steady hand" of Walter. Cendrowski & Bandler write he is the “picture of Midwestern diffidence, the sort of dependable guy you'd imagine running your local bank if Frank Capra were making movies today.” He avoids the spotlight “so assiduously that he confesses that his conversation with Fortune is only his third formal interview ever.” He is “circumspect and thoughtful.” By contrast, Boehly “is a whirl of energy,” and at 39 he “still resembles a boy forced to wear proper adult clothing.” But Boehly's appearance “belies his role,” as he is Guggenheim's “chief dealmaker.” Boehly is “most excited about the potential of live events,” and the deal for the Dodgers “hit Boehly's sweet spot.” Walter, Boehly and a Texas energy investor and client named Bobby Patton “each contributed" $100M to the acquisition. Magic Johnson added $50M, while Peter Guber contributed $25M. The remaining $1.2B “came from insurance assets managed by Guggenheim.” Meanwhile, Guggenheim has been “viewed as the leading suitor” to acquire AEG. However, sources said that it has “recently backed off.” The situation “could change, but right now Guggenheim is no longer the front-runner.” Going forward, the firm is “still on the hunt for deals,” as it wants to “add insurance assets and bolster its live events business” (FORTUNE, 3/18 issue).