Guggenheim Partners, the investment business founded on the wealth of one of the world’s most famous families, is undergoing a quiet revolution by building a presence in investment banking under former Bear Stearns chief executive Alan Schwartz.

Schwartz has been executive chairman of Guggenheim Securities since June 2009 and more than doubled the headcount in the investment banking arm to 250, including hires from his old firm and Goldman Sachs.