Principal Financial Group Inc To Acquire Majority Stake In Liongate Capital Management
Principal Financial Group Inc announced an agreement to acquire a 55% stake in Liongate Capital Management (Liongate), a global alternative investment boutique based in London and New York focused on managing portfolios of hedge funds. Liongate has approximately USD2.1 billion 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. Liongate is recognized for its dynamic approach to asset allocation and managed hedge solutions, which have delivered strong, long-term risk-adjusted returns to its blue-chip investor base. The Liongate partners will retain a 45% share and will manage Liongate within their current roles. The partners are reinvesting a significant share of their consideration into existing Liongate investment strategies.
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