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Thursday, March 18, 2010

Principal Reorg is Complete

News summary by MFWire's editors

Principal Funds has finished a reorganization of its sales force. Under the new structure, Principal has taken a channelized approach for 13 major markets -- including Boston, Chicago, Los Angeles, Miami and New York -- confirmed Tim Hill, national sales director.

Tim Hill
Principal Funds
National Sales Director
For the rest of the markets, wholesalers continue to be organized by geography.

As part of the reorg, Principal condensed its bank channel into the retail channel, Hill said.

Principal has 47 wholesalers in the retail channel, five in the DC I-O and RIA channel and six dedicated to captive agents.

Principal kicked off the restructuring process in the third quarter of 2008, continued it in the second quarter of 2009 and completed the changes in the first quarter of this year, according to Hill.  

Edited by: Armie Margaret Lee


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