Former Guggenheim President Todd Boehly Is Growing His Investment Empire, From the Dodgers to Collateralized Loans

It was one of his earlier trips in his negotiations to buy life insurer Security Benefit, but one dark morning in 2010 after his cab dropped him off, he found that the doors of his hotel did not open. The front desk was empty, his cab gone.

Among the holdings: Dick Clark Productions, 17 acres of Beverly Hills real estate, and the Beverly Hilton; a warehouse-leasing manager; the Hollywood Reporter; a Qualified Opportunity Zone venture; the Oscar-winning film distribution and production company A24; a farm-financing entity in Texas; and about 7% of the National League champion Los Angeles Dodgers .“Most things are boxes that own things. And it’s not the box itself that’s good or bad—it’s what’s in the box,” Boehly tells Barron’s.

The growing Eldridge empire puts a point on the importance of smart structuring by, for example, giving investors the advantage of an insurance product’s built-in tax-deferral; and the advantages of a long time horizon, the kind that smart pension funds capitalize on, as money compounds peacefully, without the turbulence of trading or switching to new funds.

It’s easier thanks to the latitude CBAM is given: “We loved the fact we didn’t get a phone call from Eldridge or Security Benefit in any kind of panicked situation; they know we’d been through these cycles before.” The group injected $400 million to improve Security Benefit’s financial strength ratings, and sold Rydex to Guggenheim. Rydex became the platform for Guggenheim’s mutual fund offerings, which now oversee more than $30 billion.

Soon afterward, Boehly felt that it was time to strike out on his own. Guggenheim was increasingly focused on fixed-income asset management and investment banking, and was less enthusiastic about the deals that Boehly was excited about, like in real estate or media. Eldridge sits on the harbor in Greenwich, Conn., the sun glittering on a cold March day, sea gulls gently squawking overhead. The office feels abnormally cool because it was outfitted by Boehly’s friend James Perse, the Los Angeles fashion designer. Now, Perse’s blocky mid-century modern chairs cluster near a ping-pong table, “Free Bird” playing overhead.

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