is doubling down on one of Principal Funds'
Last week McCaughan, CEO of Principal Global Investors (the asset management arm of Des Moines, Iowa-based, publicly-traded insurer Principal Financial Group), confirmed that PGI amped up its stake in Stamford, Connecticut-based growth equity shop Columbus Circle Investors
to 95 percent, from the 70 percent PGI bought
nine years ago.
"We aren't releasing the terms of the deal," Principal spokesman Adam Lackey tells MFWire
Principal spokeswoman Jamie Naig confirms that Columbus Circle subadvises 100 percent of three Principal funds: the Principal LargeCap Growth Fund
, the Principal MidCap Growth Fund
, and the PVC Large Cap Growth Account
. Columbus Circle also subadvises part of the Principal SmallCap Growth Fund I
. The growth equity shop's assets under management stand at $17.5 billion as of June 30, 2014, more than four times the $3.9 billion in AUM Columbus Circle had when PGI bought its initial, 70-percent stake in 2005.
McCaughan states that PGI's investment in Columbus Circle has "greatly exceeded" expectations. And PGI confirms that Clifford Fox
and Tony Rizza
, Columbus Circle's two most senior partners, are sticking with the firm. Lackey confirms that Columbus Circle has a staff of 64.
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