Principal Financial Group will consolidate its global asset management and international pension businesses, the company announced today.

In a news release, Principal announced the new combined business will be called Principal Asset Management. The move blends leadership, investment capabilities and teams, company officials said in the release, published by Business Wire.

The integrated business will help Principal better serve clients and shareholders with improved investment capabilities and support, the company said.

“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,” Patrick Halter, president of Principal Asset Management, said in the release. “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.”

Under the new combined business, Halter will report to Dan Houston, chairman, president and CEO of Principal.

Before the integration, the two companies worked together to meet the needs of local investors and extend local and regional products to portfolios of global investors. Recently, the new business has begun to combine services, products and strategies among its global, regional and local markets to improve value and efficiency, the release stated.