E*trade wins and loses

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Seeking Alpha is reporting that E*trade has won the auction for Rydex, a leading ETF provider. By winning we mean losing, as everyone else dropped out of the bidding because things started to get out of hand, so much so that E*trade's going to pony up $1bn for the asset manager. Rydex manages almost $16bn in assets, $5bn of which are ETFs. E*trade reportedly chose to acquire Rydex instead of other potential target INVESCO. E*trade (NYSE:ETFC) is up a quarter of a percent in afternoon trading, at around 95% of its 52 week high.
E*Trade Wins Rydex Auction [Seeking Alpha]

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