Principal Global Investors To Acquire Post Advisory
Expected to be completed in the first quarter of 2004, the purchase consideration of a 68% interest in the asset management firm carries a price tag of approximately $100 million. Included in the agreement is the acquisition of Metropolitan West Financial’s entire ownership stake in the firm, according to a news release.
Principal Global Investors CEO Jim McCaughan cites the acquisition of the Los Angeles-based asset manager as a means to shore up their firm’s institutional market presence. Currently, Principal Global Investors manages over $108 billion in assets, primarily for retirement plans and other institutional clients.
“This partnership represents a strong strategic fit for Principal Global Investors,” said McCaughan. “Post Advisory’s expertise in high yield investments enhances our capabilities in this asset class and adds significant bench strength to our already strong team of investment professionals. It also allows us to broaden our product offerings and provide attractive yield enhancement and diversification benefits to clients.”
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