Guggenheim Securities Announces Retirement of Edward V. Garlich, Jr. as Group Head of Washington Research Group, Names Rick Weissenstein as Successor
NEW YORK, Oct. 22, 2013 /PRNewswire/ -- Guggenheim Securities, the investment banking and capital markets division of Guggenheim Partners, today announced the retirement of Edward V. Garlich, Jr., Senior Managing Director, Group Head of Guggenheim's Washington Research Group (WRG) and one of the founders of the federal policy research industry that WRG represents.
Mr. Garlich will be succeeded as Group Head by Managing Director Rick Weissenstein, a 14-year Guggenheim veteran and one of the nation's leading analysts of U.S. health-care policy.
"Ed Garlich is a brilliant energy analyst in his own right, but more than that, he has been an outstanding mentor and developer of talent," said Alan Schwartz, Executive Chairman of Guggenheim Securities, which includes the policy research team. "It speaks highly of Ed that he has created such a deep bench in our research ranks that the transition will be seamless for our clients."
"I couldn't be happier passing the torch to someone of Rick Weissenstein's caliber," Mr. Garlich said. "Since he joined us in 1999, he has kept our clients on top of every significant development in health care, one of the most crucial federal policy arenas. He has also proven himself as a manager who can elicit superlative work from our team on behalf of our investors."
As an undergraduate at Georgetown University's School of Foreign Service and later at the Johns Hopkins School of Advanced International Studies, Mr. Garlich, a Pueblo, Colo., native, was targeting a career in the State Department. He set that aside after a job in the office of former Colorado Sen. Gordon Allott led to lobbying work with trade associations in Washington and, ultimately, to a post as an oil analyst during the 1973 Arab Oil Embargo, when oil moved to the top of the global political and economic agenda.
"The Oil Embargo made my career," Mr. Garlich joked.
Mr. Garlich and several fellow analysts realized that their familiarity with Washington people and processes could be of great value to investors trying to understand, in a time of increasingly complex laws and regulations, how government actions would affect the fortunes of industries and companies. Together, the analysts formed the firm that grew into the Washington Research Group and, after several different owners, was acquired by Guggenheim Partners in 2011.
Mr. Weissenstein, who holds a bachelors degree in accounting from Millikin University and a master's degree in journalism from the University of Illinois at Champaign-Urbana, began his career as a Certified Public Accountant in the Chicago office of Ernst & Young. He switched to journalism and, after a stint at Advertising Age magazine, became the Washington bureau chief of Modern Healthcare magazine. He joined WRG in 1999, putting his Washington experience and his writing and analytical skills at the service of Guggenheim's investors.
About Guggenheim Partners
Guggenheim Partners is a privately held global financial services firm with more than $190 billion in assets under management. The firm provides asset management, investment banking and capital markets services, insurance services, institutional finance and investment advisory solutions to institutions, governments and agencies, corporations, investment advisors, family offices and individuals. Guggenheim Partners is headquartered in New York and Chicago and serves clients around the world from more than 25 offices in eight countries. For more information about Guggenheim Partners, visit www.guggenheimpartners.com.
SOURCE Guggenheim Partners
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