Principal buys 68% stake in MW Post

New York, Aug. 21 - Principal Global Investors said it agree to buy Metropolitan West Financial's 68% stake in high-yield investment manager MW Post Advisory Group.

The Des Moines, Iowa asset manager, a subsidiary of Principal Financial Group, will pay approximately $100 million. The transaction is expected to close in the first quarter of 2004.

MW Post has $3.4 billion in assets under management.

MW Post Advisory Group will be renamed Post Advisory Group but otherwise will remain autonomous and unchanged under the direction of founder and chief executive officer Larry Post.

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