Principal Global Investors LLC said today that it has agreed to acquire a 55 percent stake in Liongate Capital Management, a global alternative investment boutique based in London and New York focused on managing portfolios of hedge funds. Founded in 2003, Liongate has approximately $2.1 billion in assets under management from a client base that includes many of the world's leading pension funds, insurance companies and sovereign wealth funds. Liongate's partners will retain a 45 percent share and will manage Liongate within their current roles. The transaction is expected to close in the second quarter, pending regulatory approval. Principal estimates the acquisition will be slightly accretive in the first year.