Principal muscles into FoHF sector with Liongate stake

Liongate to benefit from global distribution

US asset manager Principal Global Investors is acquiring a 55% stake in Liongate Capital Management, a fund of hedge funds (FoHF) manager with $2.1 billion in assets and offices in London and New York.

The deal is part of Principal's plans to expand its footprint in alternative investments, for which the company sees growing demand from institutional clients.

Liongate will sit within Principal's "multi-boutique" structure, which currently consists of 13 autonomous fund managers active in a range