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Guggenheim Partners to acquire LBBW Securities

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Guggenheim Partners has agreed to acquire LBBW Securities, the US broker/dealer of Landesbank Baden-Württemberg.

The transaction, subject to Finra review, is expected to close at the beginning of April 2010. Terms of the deal were not disclosed.

“In LBBW Securities we saw a great opportunity to acquire a firm that complements our current business and broadens our reach," says Paul Friedman, chief operating officer of Guggenheim Securities, the investment banking and capital markets unit of Guggenheim Partners. “Our team has been working closely with LBBW to ensure a seamless transition, and we look forward to fully integrating and growing this business line.”

LBBW Securities was founded in 2007 as a wholly-owned subsidiary of LBBW, specialising in repurchase agreements, securities lending and other financing transactions.

Robert Boyd, head of LBBW Securities, says: “Guggenheim is known for its client focus and deep expertise, making this a great fit for LBBW Securities. Joining Guggenheim is an exciting development for our organisation and our clients.”

LBBW will maintain its branch in New York and continue to support German companies and their subsidiaries in the US and Canada; the branch will also remain active in US commercial real estate finance.

The product range of LBBW’s New York branch includes loans and interest rate and currency derivatives. LBBW’s letter of comfort, which was issued in favour of LBBW Securities, will terminate upon the closing of the transaction with Guggenheim, and LBBW Securities will be renamed Guggenheim Liquidity Services following the close of the transaction.

Guggenheim Partners is a financial services firm with more than USD100bn in assets under supervision. The firm’s businesses include investment management, investment advisory, insurance, investment banking and capital markets services. The firm is headquartered in Chicago and New York with a network of offices throughout the US, Europe and Asia.

LBBW is both a commercial bank and the central bank of the savings banks in Baden-Württemberg, Saxony and Rhineland-Palatinate. It is one of the largest banks in Germany.

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