Principal Global Investors, the asset management firm, is buying 68% of MW Post Advisory Group, a US-based specialist high-yield fixed income fund management firm, for $100m (€91.5m).

The deal boosts Principal Global Investors' high-yield team and broadens its product range, which will be offered to European clients from the firm's London office. MW Post Advisory Group adds its $3.4bn in assets under management to Principal Global Investors' $108bn.