Guggenheim Partners LLC, the $170 billion asset-management firm whose executives have a stake in the Los Angeles Dodgers, named Henry Silverman to oversee its real estate and infrastructure business after hiring him last year from private-equity firm Apollo Global Management LLC. (APO:US)
Silverman, a former chief operating officer at Apollo before joining Guggenheim as vice chairman, will be responsible for managing and coordinating all of the firm’s real estate businesses, Guggenheim said today in a statement. The firm is also creating a team that will invest in energy-related infrastructure assets in the U.S., Canada, Mexico and the Caribbean, according to the statement.
Silverman, 72, was Apollo’s operating chief from 2009 to 2011, and served as director and vice chairman of the board, as well as a member of the firm’s executive committee. Prior to Apollo, Silverman was chairman of the board and chief executive officer of Cendant Corp. and its predecessor, Hospitality Franchise Systems, which owned hotels. Silverman was also chairman of Realogy Holdings Corp., a residential real estate broker that was spun off from Cendant.
Guggenheim, which is hiring executives as it expands into businesses from digital media to hedge funds, last year was in talks to buy Deutsche Bank AG’s four money-management units before the deal fell apart. Guggenheim later hired executives from Deutsche Bank’s RREEF investment unit, including William Reid, Michael Madia, Justine Gordon, Vince White and James Gabriel. The new North American infrastructure team, which will raise money from clients on a deal-by-deal basis, will be led by Reid.
Guggenheim in January hired Ross Levinsohn, former interim chief executive officer of Yahoo! Inc., to oversee a newly formed digital media unit. In addition to the $2.15 billion purchase of the Dodgers by Guggenheim Baseball Management announced in March, Guggenheim in September agreed to buy Dick Clark Productions, which produces “New Year’s Rockin’ Eve” and “The Golden Globes,” along with Mandalay Entertainment and Mosaic Media Investment Partners LLC.
The U.S. Securities and Exchange Commission is investigating whether junk-bond pioneer Michael Milken acted as an adviser to Guggenheim in violation of a lifetime ban from the securities industry, a person with knowledge of the matter said last week. Guggenheim has said Milken isn’t involved in management of the firm.
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