Global asset manager Principal Global Investors is selling a minority stake in Post Advisory Group to Nippon Life Insurance, in a move that can broaden Post’s distribution in Japan.
Based in Santa Monica, California, Post is a manager of high-yield fixed income, with approximately $11.8bn in assets under management and additional offices in New York and London.
Principal Financial Group chairman, president and CEO Larry Zimpleman said that Post Advisory Group has already been successful in bringing high yield solutions to a market that is in need of yield-oriented products.
"Japanese investors will now be positioned to take even greater advantage of this key offering through Nippon Life's networks and relationships," Zimpleman added.
Expected to close in the second quarter of 2013, the transaction will offer new distribution opportunities for Post's products and enhance Nippon Life's fixed income investment products.
Nippon Life is a global financial services firm with total assets of more than $600bn and headquartered in Osaka.