Principal Financial Group, a financial services provider in the U.S., is planning to buy an Indian asset management firm, Business Standard reports. The planned move will enable the U.S. firm to increase its fund unit business in the high potential market.

The firm has asked merchant bankers to search for potential targets, preferably with large equity assets. According to Principal’s country head for India, Rajan Ghotgalkar, mandates have been given for the same.

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