Principal to assume ownership of INTERNOS
Principal Financial Group (PFG) and INTERNOS Global Investors have announced that Principal Global Investors (PGI), PFG’s asset management arm, will assume ownership of the European real estate investment firm.
Under the deal, INTERNOS, a real estate investment management firm with $3.25 billion in assets under management, will remain independent in its investment and management decisions. This is part of PGI’s multi-boutique operating model. The company will gain access to the resources of PGI, however.
INTERNOS chief executive, Andrew Thornton was excited about the opportunities joining with Principal offered.
“As part of Principal, we will be in an even stronger position to offer attractive opportunities to our clients and investor partners, combining the resources of a leading global investment firm with the small-business agility and deep European market knowledge of INTERNOS,” he said.
PGI was also looking forward to their new relationship with INTERNOS.
“As Principal grows its investment offerings and operations in Europe, we will continue to strategically invest in capabilities to deliver a greater range of solutions to our clients,” PGI chief operating officer, Pat Halter said.
If the deal receives regulatory approval, INTERNOS would become Principal Real Estate Investors Europe under the agreement.
AUTHOR
Hannah Wootton
Recommended for you
AMP non-executive director Kathleen Bailey-Lord and Iress non-executive director Susan Forrester have been appointed to the national board of the Australian Institute of Company Directors.
Wealth manager JBWere has announced the launch of two fixed income strategies for wholesale clients, backed by UBS Asset Management.
Firetrail Investments has confirmed the departure of four executives over the last quarter, including head of investment strategy Anthony Doyle.
Ares Management has announced a new offering aimed at providing Australian wholesale clients, investors access to its private equity investment strategies, anchored in secondary investments.
