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April 18, 2011 at 08:00 PM
Principal Financial Group Inc. has agreed to acquire a majority stake in Finisterre Capital, an emerging markets investment firm.
Principal Global Investors L.L.C., a unit of Principal, Des Moines, Iowa (NYSE:PFG), plans to acquire control from the 5 partners who own the firm — Frode Foss-Skiftesvik, Paul Crean, Rafa?l Biosse Duplan, Xavier Corin-Mick and Yan Swiderski.
The deal includes two affiliates companies: Finisterre Capital L.L.P., London, and an affiliate, Finisterre Holdings Ltd., London.
Together, the firms manage the equivalent of about $1.6 billion in assets. Most of the assets are in a global opportunity fund, a sovereign debt fund and a credit fund.
The Finisterre partners “will retain a significant minority stake in the business and have agreed to put a significant share of their consideration into funds managed by the firm,” Principal says in a statement.
