Press release
Principal® Announces Integration of Global Asset Management and International Pension Businesses
Will expand breadth and reach of global and local investment capabilities DES MOINES, Iowa--(BUSINESS WIRE)-- Principal Financial Group® (Nasdaq: PFG)
About this update from Principal Financial Group Inc
[{"type":"text","content":"\nWill expand breadth and reach of global and local investment capabilities\n\n DES MOINES, Iowa--(BUSINESS WIRE)--\nPrincipal Financial Group® (Nasdaq: PFG) announced today it is integrating its global asset management and international pension businesses under Principal Asset ManagementSM – blending leadership, investment capabilities, and client-facing teams. The combined business will help Principal® to effectively deliver global and local investment capabilities and client support across more than 80 markets, driving greater benefit for clients and shareholders.\n\n“Asset management is a growth driver for Principal and I’m confident with the right strategy, structure, and teams – we can deliver greater differentiation and value to our clients,” said Patrick Halter, president, Principal Asset Management. “Our clients expect us to combine our extensive global investment capabilities with local market expertise to continue to support their long-term investment and retirement needs. This integration will allow Principal to build on those capabilities to deliver for our clients, while maximizing the value of our integrated business model.”\n\nFor more than 30 years, the global businesses at Principal have served institutional, retirement, retail, and wealth clients with extensive asset management capabilities to meet their investment goals. The two units worked opportunistically together to provide global solutions to meet the needs of local market investors, and extend local and regional products to the portfolios of global investors. More recently, the firm has begun to combine research, risk management, and product strategy among its global, regional, and local markets to create more value and efficiency.\n\nToday’s announcement formalizes this partnership to create a single business unit with the power of combined leadership, investment, and go-to-market capabilities.\n\nGlobal, experienced leadership team\n\nThe combined Principal Asset Management unit will feature an integrated leadership and organizational structure for better alignment of capabilities and functions with global client needs. Halter will serve as president, Principal Asset Management, and report to Dan Houston, chairman, president, and chief executive officer of Principal.\n\nHalter’s leadership team includes:\n\n\nKamal Bhatia, head of global investments,...