Principal Global Investments, the asset management arm of Principal Financial Group Inc., laid off 56 employees on Aug. 22, Principal spokesman Rick Swalwell said.

The majority of the jobs, 46, were cut from the company’s Greater Des Moines operation, and the remaining positions were eliminated at offices in Colorado, Illinois, Texas, New York and Kansas City, Mo.

Swalwell said 53 of the jobs were directly related to real estate operations. Principal Global Investors is the fourth-largest holder of commercial real estate in the United States, he said. According to Principal Global Investors’ Web site, it manages more than $11 billion in assets in the United States and more than $63.5 billion worldwide.

Workers whose jobs were eliminated are offered other jobs within Principal if the company recognizes a “good fit,” Swalwell said. Otherwise they are offered job counseling.

A turbulent real estate market is largely to blame for the cuts, Swalwell said.

“I think everything we’re looking at the rest of the way is going to be challenging, and we’re hoping things turn around,” he said, noting that the company anticipates that markets could improve in 2009.

Swalwell said that no additional job cuts are planned. Principal has 150 to 200 jobs open at any given time and has hired 600 people so far this year, he said.