Post Advisory is a manager of fixed income based in Santa Monica, California, with approximately $11.8bn in assets under management and additional offices in New York and London.
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According to Principal Financial, the transaction will bring new distribution opportunities for Post Advisory’s products and enhance Nippon Life’s fixed income investment products.
Commenting on the acquisition, Nippon Life president, Yoshinobu Tsutsui, said: "We are delighted with our new partnership with Post Advisory and intend to keep accelerating our efforts in growing our asset management business field. This transaction marks a new milestone in our history with the Principal Financial Group and we hope to further strengthen our relationship going forward."
Post Advisory founder and chief investment officer, Larry Post, said: "We are very pleased Nippon Life has chosen us to be its high yield partner. This is a tremendous vote of confidence in our firm and it extends the geographic reach of our broad menu of high yield products."
The transaction is expected to close in the second quarter of 2013.
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