MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, March 5, 2013 Principal Buys a Hedge Fund Principal [profile] has bought a stake in a London-based hedge fund to expand its capabilities in alternatives, according to P&I. According to the trade pub, the firm agreed to buy a 55 percent stake in Liongate Capital Management, a London-based hedge funds-of-funds manager with $2.1 billion in assets under management. Financial terms weren't disclosed. P&I reports that "the deal will enhance Principal's capabilities in alternative strategies, particularly in multiasset solutions, “an area where there's a lot of (client) demand right now,” Jim McCaughan, Principal CEO, said in a telephone interview. When finalized, Liongate will be the first hedge funds of funds manager within Principal's multiboutique." Meanwhile, according to the trade magazine, Liongate will benefit from Principal's global distribution network, Mr. McCaughan said. Liongate's partners will retain the remaining 45% and operate autonomously in their current roles. Liongate will keep its branding. Read more in P&I. Printed from: MFWire.com/story.asp?s=43172 Copyright 2013, InvestmentWires, Inc. All Rights Reserved |