Friday, 27 March 2015
Last updated 2 hours ago
Apr 10 2012 | 1:08pm ET
Principal Global Investors' expansion hasn't ended with its acquisition of majority stakes in hedge funds Finisterre Capital and Origin Asset Management. The asset management arm of insurance giant Principal Financial Group plans to add other asset classes to its stable—starting with a fund of hedge funds.
PGI CEO Jim McCaughan is focused on finding a fund of funds manager to buy, hoping to replicated the success of Man Group and Lyxor Asset Management's fund of funds platforms.
"I'd heard Jim was interested in a fund of funds business," an investment banker told Financial News. "They make up a sector that relies on institutional money and he has links with no end of potential clients. He is happy to buy into relatively small managers, in the belief that he can help them grow."
McCaughan himself told FN that PGI "are interested in funds of hedge funds, where we can be certain they add value in terms of selection and structure." PGI is also eyeing infrastructure managers, but with less hunger: "The area is quite complex," McCaughan said.
Last year, PGI bought controlling stakes in two London hedge funds, Origin and Finisterre, for a combined US$150 million. Parent PFG is expected to spend up to US$900 million on acquisitions this year.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…