Global asset manager Principal Global Investors has moved to acquire 55 per cent of London-based boutique alternative investment specialist Liongate Capital Management.
The transaction was confirmed this week, with Principal Financial Group saying it would strengthen its alternative investment capabilities.
Liongate has approximately US$2.1 billion in assets under management across a range of commingled funds and dedicated client portfolios, with its client base including many leading pension funds, insurance companies and sovereign wealth funds.
Commenting on the transaction, Principal Global Investors chief executive Jim McCaughan said Liongate represented a welcome addition to the company's multi-boutique structure.
"The partnership will enhance our capabilities in alternative investments, which is an area where client demand continues to grow," he said.
