The combined business is expected to manage £1.5bn of assets and it will have 130 employees with operations from Principal’s existing offices in London, Sevenoaks and Bath, and from Border’s existing locations in Kirkby Lonsdale and Harrogate.
Principal chief executive Hugh Titcomb said that as a combined business we look forward to harnessing the benefit of the pooled expertise and enhanced resources to further develop the range of services available to all clients.
Border chief executive Peter Lever said that Border’s continued growth and desire to expand its services have demanded ever increasing levels of investment in people and systems.
"The size of our business now means that such investment can most sensibly be achieved by merging with a well resourced firm sharing our own philosophy and approach," Lever said.
Principal Investment Management’s immediate parent is company Principal Holdings. Principal specializes in providing a range of discretionary investment management services to private individuals, family trusts, charities, corporates and institutional clients. In March 2008, Principal became part of the South Africa-based Sanlam Group.
