Principal Global Investors, a global asset manager and subsidiary of Principal Financial Group, has agreed to boost its stake in Stamford-based equity management firm Columbus Circle Investors to 95% from 70%.
Principal Global Investors acquired a 70% stake in the quity management firm in 2005 as part of its multi-boutique strategy.
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Since the initial acquisition, assets under management at Columbus Circle Investors have more than quadrupled, going from $3.9bn in 2005 to $17.5bn as of June 30, 2014.
Tony Rizza and Clifford Fox, the two most senior partners at Columbus Circle Investors, will remain in their roles and the firm’s management and strategies will continue uninterrupted, Principal Global Investors said.
Jim McCaughan, CEO of Principal Global Investors, said: "Our investment in Columbus Circle Investors has greatly exceeded our mid-teens return threshold expectations. This investment ensures continued success at Columbus Circle Investors and is in line with our capital deployment strategy and efforts to further enhance shareholder value."
Principal Global Investors manages $328.2bn in assets primarily for retirement plans and other institutional clients.
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