Diving into a booming market, Principal Financial Group Inc. announced Monday that it has acquired Hong Kong-based Dao Heng Fund Management Limited from the Guoco Group. Official terms of the deal were not disclosed.

The move is seen as an attempt by Principal to entrench itself into a red-hot Hong Kong equity market that has grown more than 60% since April, and begin laying the groundwork for an Asian invasion. Guoco had owned DHFM since 1981.

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