US-based Principal Financial Group has bought Grant Thornton Asset Management, which manages around £100 million ($175 million) of assets. T...

US-based Principal Financial Group has bought Grant Thornton Asset Management, which manages around £100 million ($175 million) of assets. Terms of the transaction were not disclosed. “GTAM has performed well in the past but to continue to do so and compete against larger fund management firms would require a significant increase in assets under management,” said Ian Johnson, head of private client services at Grant Thornton, in a statement. He added: “After considering a number of options for the business, including further substantial investment, Grant Thornton has taken the strategic decision that a trade sale would offer the best prospects for the business and its clients. This decision has been taken at a time of ever greater consolidation in the industry.”