NU Online News Service, Feb. 9, 2004, 1:18 p.m. EST – Principal Financial Group Inc., Des Moines, Iowa, likes Hong Kong.[@@]
Principal’s Principal Asset Management Company (Asia) Ltd. unit has acquired Dao Heng Fund Management Ltd. from Guoco Group Ltd., a Hong Kong investment company.
Dao Heng helps Hong Kong pension fund sponsors and other institutional investors in the region manage their portfolios, and it also sells the services of other money managers.
The price of the deal was not disclosed.