Principal Global Investors, the leading global asset manager, has announced a deal to purchase a 55 per cent stake in London-headquartered Liongate Capital Management (release). Principal Global Investors chief executive Jim McCaughan said:
With its strong reputation and focused investment expertise, Liongate is a welcome addition to our multi-boutique investment management structure. The partnership will enhance our capabilities in alternative investments, which is an area where client demand continues to grow. Very few institutional investment firms have this level of expertise in hedge fund investing.
Liongate Capital Management was founded in 2003 and has approximately $2.1bn in assets under management across a range of commingled funds and dedicated client portfolios. Its client base includes many of the world's leading pension funds, insurance companies and sovereign wealth funds.