Principal Global Investors to buy 55% of Liongate Capital Management.
5 March 2013 a[euro]" US asset management company Principal Global Investors LLC is to acquire 55% of alternative investment manager Liongate Capital Management LLP.
Principal Global Investors, a unit of US insurance services provider Principal Financial Group (NYSE:PFG), did not say how much it would pay for the stake. The acquisition is seen as closing during the second quarter of this year in case regulators raise no objections. The buyer took advice from Sandler O'Neill + Partners LP, while Fenchurch Advisory Partners Ltd provided counsel to the selling side.
Liongate was established in 2003 and operates from headquarters in London and New York. At the start of 2013, the company had USD2.1bn (EUR1.6bn) in assets under management. Its client list features many high-profile pension funds, insurers and sovereign wealth funds.
According to Principal Global Investors, the deal will enhance its alternative investment capabilities and add to its investment talent pool. The transaction will also help the company broaden its product offer to include customised multi-asset and hedge fund solutions.Country: USA, UKSector: Banking/Financial ServicesTarget: Liongate Capital Management LLPBuyer: Principal Global Investors LLCType: Corporate acquisition, LBOStatus: AgreedBuyer advisor: Sandler O'Neill + Partners LP
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