continues to be in the market for acquisitions, said Nora Everett
, president of Principal Funds, in an interview with The MFWire
| Nora Everett |
Everett said that the Principal would be looking for "added scale, wholesale expertise, and new product lines." As for the current market volatility, Everett thinks it has not diminished the M&A opportunities in the market.
"We're not stopping our search," said Everett, a 16-year Principal Financial veteran who was appointed president of the fund business in March.
"If an opportunity arises, we'd like to be at the table."
The Principal acquired Washington Mutual's
fund business in 2006.
Everett also spoke of market trends that the Principal is capitalizing on. An increase in the "do-it for-me" approach is driving the target date and target risk fund expansion, she said, adding that the Principal, being a retirement specialist,
is poised to capitalize on this opportunity.
In addition, Everett noted that four out of five people with IRA rollovers prefer to use an advisor.
"We are focusing on those advisors by giving them value-adds to grow their business," she said.
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