Principal Global Investors will acquire a 74% stake in London-based global equity manager Origin Asset Management for £40.7 million ($65 million), confirmed Paula Chizek, Principal spokeswoman.
Origin partners will retain the remaining 26% stake in the firm.
The deal strengthens PGI’s global equity capabilities and helps build its multiboutique model, while Origin will benefit from PGI’s infrastructure and worldwide distribution capabilities, Ms. Chizek said.
“This partnership also increases our investment capabilities in emerging markets and in global small- and midcap companies, where additional high-quality investment capacity is much sought after, but in relatively short supply,” Jim McCaughan, CEO of Principal Global Investors, said in a news release.
The deal is expected to close in October, pending approval of the U.K.’s Financial Services Authority.