Global financial services firm Guggenheim Partners has entered into an agreement to acquire Security Benefit.
Security Benefit owns 100 per cent of Bennelong Funds Management's global equities manager Security Global Investors (SGI).
Under the agreement, Guggenheim and a group of investors will make an investment of around US$400 million in Security Benefit, which will accelerate the growth of SGI.
The transaction is expected to close during the second or third quarter of this year, subject to certain regulatory and other approvals, a company statement said.
"This is a very positive development for Security Benefit, which supports the global investment capabilities that we offer to the Australian market through our relationship with Security Global Investors," Bennelong Funds Management chief executive Jarrod Brown said.
"Guggenheim's purchase of Security Benefit will significantly strengthen its capital position and resource base."
Commenting on the agreement, Guggenheim Partners managing partner Todd Boehly said: "Guggenheim Partners is committed to expanding its presence as a global diversified financial services firm that provides fresh perspectives and innovative solutions in recognition of the evolving landscape for financial products."
Guggenheim has more than $100 billion in assets under supervision.
