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Rydex may be sold for up to $1 bln - report

Mon Jun 11, 2007 1:28pm EDT

Stocks

   

BOSTON, June 11 (Reuters) - Fund firm Rydex Investments is close to being bought either by online bank and brokerage E*Trade Financial Corp. (ETFC.O) or money manager INVESCO Plc. IVZ.L for about $800 million to $1 billion, a report said.

Mergers & Acquisitions  |  Funds News

Attributing the information to people familiar with Rydex, financial news Web site TheStreet.com (TSCM.O) said in report dated June 8: "Followers of the company say a sale announcement is expected imminently."

Rydex manages $15.8 billion in assets, including $4.9 billion in exchange-traded funds with the remainder in mutual funds. The firm was started in 1993 by Skip Viragh, who died in 2003 of pancreatic cancer.

Rydex spokeswoman Lori Klash declined to comment on the report, saying the firm at this point was still owned by the Viragh family.

E*Trade declined to comment on the report. INVESCO spokesman Ivy McLemore said: "It is company policy not to comment on rumor or market speculation".

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