LISLE, Ill., Feb. 1, 2013 (GLOBE NEWSWIRE) -- It is with deep appreciation that we announce that F. Barry Nelson will retire from Advent Capital Management, LLC ("Advent") effective February 1, 2013, after nearly 17 years with the Firm. Mr. Nelson has been serving as a Co-Portfolio Manager on the Advent/Claymore Enhanced Growth & Income Fund (NYSE:LCM) since the Fund's inception on January 31, 2005. He will step down as a Co-Portfolio Manager for the Fund effective the date of his retirement, and will also step down as Co-Portfolio Manager of the Advent Claymore Convertible Securities and Income Fund (NYSE:AVK) and the Advent Claymore Convertible Securities and Income Fund II (NYSE:AGC). AVK and AGC will continue to be managed by Co-Portfolio Managers Tracy V. Maitland (Advent's Chief Investment Officer), Paul L. Latronica (Managing Director at Advent), and Anthony H. Woodson (Managing Director at Advent).
Effective February 1, 2013, Douglas A. D. Teresko will be replacing Mr. Nelson as a Co-Portfolio Manager on LCM. Mr. Teresko is a Managing Director at Advent who has been working on the Fund since 2011. He will join the other Co-Portfolio Managers, Tracy V. Maitland, Paul L. Latronica, and Anthony H. Woodson in overseeing the management of LCM.
Mr. Teresko has been with Advent since 2011, where he has been serving in an array of portfolio management capacities on Advent's closed-end funds and long only convertible strategies. Prior to joining Advent, Mr. Teresko worked in Global Proprietary Trading at Credit Suisse, where he managed portfolios of global convertibles, derivatives, and long/short equities. Before joining Credit Suisse, Mr. Teresko was a portfolio manager at Citadel and DKR. He has also held various investment positions at Houlihan Lokey and JP Morgan. He is a graduate of Miami University and received his MBA in Finance from the University of Chicago's Booth School of Business. He is also a CFA charter holder.
Advent Capital Management, LLC was founded in 1995 and is a registered investment advisor with the SEC. Advent manages over $6 billion in assets across several hedge fund, long-only and closed-end fund strategies for corporations, public pension plans, foundations, endowments and high-net-worth individual clients. Since inception, Advent has specialized in convertibles, but its focus on capital structure research enables it to fully understand and implement various investment strategies including equities and high yield. Advent's proficiency in investing across the entire capital structure is derived from the strength of proprietary fundamental, bottom-up credit and equity research. The Firm has been managing assets in hedge fund and long-only strategies for over 16 years and its portfolio managers have an average of 25 years of experience.
Advent Capital Management, LLC serves as each Fund's investment manager. Based in New York, New York, Advent Capital Management is a credit-oriented firm specializing in the management of convertible, high-yield and equity securities across three lines of business – long-only strategies, hedge funds and closed-end funds. The firm manages assets for several FORTUNE 500 companies, foundations, endowments, public pension plans, insurance companies and closed-end funds.
About Guggenheim Investments
Guggenheim Investments represents the investment management division of Guggenheim Partners ("Guggenheim"), which consists of investment managers with approximately $143 billion in combined total assets*. Collectively, Guggenheim Investments has a long, distinguished history of serving institutional investors, ultra-high-net-worth individuals, family offices and financial intermediaries. Guggenheim Investments offers clients a wide range of differentiated capabilities built on a proven commitment to investment excellence. Guggenheim Investments has offices in Chicago, New York City and Santa Monica, along with a global network of offices throughout the United States, Europe, and Asia.
Guggenheim Investments is comprised of several investment management entities within Guggenheim, which includes Guggenheim Funds Distributors, LLC and Guggenheim Funds Investment Advisors, LLC (together, "Guggenheim Funds"). Guggenheim Funds Investment Advisors, LLC serves as Investment Adviser for AGC, FMO, GBAB, GGE, GOF, LCM, and WIW. Guggenheim Funds Distributors, LLC serves as Servicing Agent for AVK, MZF and WIA. The Investment Advisers for AVK, MZF and WIA are Advent Capital Management, LLC, Cutwater Investor Services Corporation and Western Asset Management Company, respectively.
* The total asset figure is as of 12/31/2012 and includes $10.71B of leverage for Assets Under Management and $0.85B of leverage for Serviced Assets. Total assets include assets from Security Investors, LLC, Guggenheim Partners Investment Management, LLC ("GPIM", formerly known as Guggenheim Partners Asset Management, LLC; GPIM assets also include all assets from Guggenheim Investment Management, LLC which were transferred as of 06/30/2012), Guggenheim Funds Investment Advisors and its affiliated entities, and some business units including Guggenheim Real Estate, LLC, Guggenheim Aviation, GS GAMMA Advisors, LLC, Guggenheim Partners Europe Limited, Transparent Value Advisors, LLC, and Guggenheim Partners India Management. Values from some funds are based upon prior periods.
This information does not represent an offer to sell securities of the Funds and it is not soliciting an offer to buy securities of the Funds. There can be no assurance that the Funds will achieve their investment objectives. The net asset value of the Funds will fluctuate with the value of the underlying securities. It is important to note that closed-end funds trade on their market value, not net asset value, and closed-end funds often trade at a discount to their net asset value. Past performance is not indicative of future performance. An investment in closed-end funds is subject to investment risk, including the possible loss of the entire amount that you invest. Some general risks and considerations associated with investing in a closed-end fund include: Investment and Market Risk; Lower Grade Securities Risk; Equity Securities Risk; Foreign Securities Risk; Interest Rate Risk; Illiquidity Risk; Derivative Risk; Management Risk; Anti-Takeover Provisions; Market Disruption Risk and Leverage Risk. In addition, AGC, AVK, and MZF are subject to AMPS Risk. See www.guggenheiminvestments.com/products/cef for a detailed discussion of fund-specific risks.
Investors should consider the investment objectives and policies, risk considerations, charges and expenses of any investment before they invest. For this and more information visit www.guggenheiminvestments.com for contact a securities representative or Guggenheim Funds Distributors, LLC 2455 Corporate West Drive, Lisle, IL 60532, 800-345-7999.
NOT FDIC-INSURED | NOT BANK-GUARANTEED | MAY LOSE VALUE
Member FINRA/SIPC (2/13)
CONTACT: Analyst Inquiries William T. Korver 630.505.3700 firstname.lastname@example.org Media Inquiries Jeaneen Pisarra 917.386.0387 email@example.com
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