Principal Global Investors LLC
said today that it has agreed to acquire a 55 percent stake in Liongate
Capital Management, a global alternative investment boutique based in London and New
York focused on managing portfolios of hedge
funds. Founded in 2003, Liongate has approximately $2.1
billion in assets under management from a client base that
includes many of the world's leading pension funds, insurance companies and
sovereign wealth funds. Liongate's partners will retain a 45 percent share
and will manage Liongate within their current roles. The transaction is
expected to close in the second quarter, pending regulatory approval. Principal
estimates the acquisition will be slightly accretive in the first year.