] mutual fund business is moving, at least organizationally. And the insurer's distribution efforts for mutual funds and other products are transforming, too.
, president and chief operating officer at the insurance giant, confirms
that Principal Funds and Principal Trust are being combined with Principal Global Investors
. Jim McCaughan
will continue to serve as president of PGI, and Principal Funds vice president and COO Mike Beer
will become president and CEO of Principal Funds.
Principal Funds and Principal Trust had both part of the retirement and investor services division. Nora Everett
, formerly president and CEO of Principal Funds, will take over as president of RIS, though she will remain chairman of Principal Funds. The Principal's other two main business units are U.S. insurance solutions, led by Deanna Strable
, and Principal International, led by Luis Valdes
. Everett, McCaughan, Strable, and Valdes all report to Houston.
The Principal's distribution is reorganizing, too.
"We used to have distribution all centralized," Principal spokeswoman Susan Houser tells MFWire
. "Now it's being moved to the business units."
"These changes will accelerate our growth going forward, enabling us to more rapidly expand our investment platform and more effectively distribute solutions to retail, retirement and institutional investors worldwide," Houston states.
, who previously served as senior vice president of distribution for all of the Principal, will now lead U.S. distribution for PGI. Andrea Muller
will lead international distribution for PGI. Doug Grove
, who previously reported to Minard, will full service accumulation (i.e. the Principal's bundled retirement plan business) distribution and report to FSA chief Greg Burrows
within RIS. And Nick Cecere
will lead distribution for U.S. insurance solutions.
Stay ahead of the news ... Sign up for our email alerts now