Principal names new global asset management leaders
BUSINESS RECORD STAFF Sep 11, 2018 | 2:41 pm
2 min read time
402 wordsAll Latest News, Banking and FinancePrincipal Financial Group has announced a leadership restructuring for its global asset management businesses as part of the company’s succession plan.
The promotions are part of the succession for Principal Global Investors CEO Jim McCaughan, who has stepped down from that position effective Sept. 10 and will depart the firm Sept. 30, as Principal shifts to the new leadership structure.
Tim Dunbar, executive vice president and chief investment officer, has been promoted to president of Global Asset Management, which encompasses all of Principal’s asset management capabilities, including Principal Global Investors, Principal International investment operations, the General Account, and RobustWealth, a recent digital investment advice acquisition.
Pat Halter, chief operating officer for Principal Global Investors, has been promoted to chief executive officer of the multi-boutique investment management firm, which manages $430 billion in assets in more than 80 countries.
McCaughan’s career in the investment business spanned more than 35 years; he joined Principal in 2002 after leading the Americas division of Credit Suisse Asset Management.
“Jim has been instrumental in steering Principal’s asset management strategy, building out our multi-boutique approach across a range of asset classes, and extending our reach to investment clients around the world,” Houston said. “We are grateful for his contributions and wish him the best.”
The new leadership structure reflects the organization’s goals to further integrate its asset management capabilities across the enterprise, expand investment solutions and provide the broadest accessibility to clients around the world, Houston said in a statement.
“This is the right time to re-imagine how we structure our global asset management business to recognize the enormous growth occurring in developed and emerging markets alike, and the opportunities for us to expand our client base and evolve how we serve them,” he said.
In Dunbar’s new role, he will be responsible for strategy across the Global Asset Management businesses, with a focus on broadening asset management offerings around the world, and expanding Principal’s client base across markets, customer segments and distribution channels. He will report to Houston. Dunbar’s career at Principal has spanned more than 30 years; he has led strategy, mergers and acquisitions, pension operations in global markets, and investment management teams.
As Dunbar assumes new responsibilities, Chief Risk Officer Julia Lawler is promoted to executive vice president, assuming responsibility for global security, business continuity, corporate real estate and aviation. These responsibilities are in addition to her management of enterprise risk and internal audit.