Principal Global to buy stable-asset manager
Principal Global Investors has signed an agreement to acquire Morley Financial Services for $75 million.
Principal Global Investors has signed an agreement to acquire Morley Financial Services for $75 million.
Principal Global Investors, a subsidiary of Principal Financial Group of Des Moines, Iowa, will purchase Morley, a stable-value asset manager, from Nationwide Mutual Insurance Company or Columbus, Ohio.
Morley Financial will continue to be led by Jill Cuniff and will keep its investment philosophy and process, as well as the company name, organizational structure and headquarters in Portland, Ore., the company said.
The deal is not expected to have an impact on the 2007 earnings per share and will be marginally accredited to earnings in 2008, Principal Global said in a statement.
Morley manages $14 billion in institutional assets.
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