The increasing costs of running money pushed Grant Thornton to sell its United Kingdom-based mutual fund business to the Principal Group. The sale involved $100 million of assets under management.

The accounting firm sold Grant Thornton Asset Management because it had determined that competing against larger asset managers would require a significant increase in its level of investment.

"After considering a number of options for the business, including further substantial investment, Grant Thornton has taken the strategic decision that a trade sale would offer the best prospects for the business and its clients. This decision has been taken at a time of ever greater consolidation in the industry," the company announced.  

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