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Friday, April 24, 2015

Principal's Distro Chief Departs

Reported by Neil Anderson, Managing Editor

The head of distribution for the Principal's [profile] freshly-combined asset management and mutual funds businesses is moving on.

In an internal memo (a copy of which was obtained by MFWire), Principal Global Investors CEO Jim McCaughan revealed that PGI U.S. distribution chief Tim Minard is leaving the company. Principal spokesman Adam Lackey confirms to MFWire that PGI's distribution will be led not by one person but by three: Tim Hill (vice president, national sales director), Tom Smith, and Doug Younkin (managing director, head of third party), all of whom will report to McCaughan.

MFWire could not immediately reach Minard for comment for this story.

Minard's departure comes two months after the Des Moines, Iowa-based insurance giant revealed a reorganization that moved its Principal Funds business under PGI and saw Mike Beer (formerly vice president and chief operating officer) rise to president and CEO of Principal Funds, succeeding Nora Everett. Everett continues to chair the funds, and she shifted into leading the entirety of Principal's retirement and investor services division.

In his memo, McCaughan also clarifies that Bill Gilroy (business development), Mark Marwede (managing director), Irene Scalfani (director), and Judi Turner-Heib will all report to Smith, while Scott Sams (managing director, relationship management) will report to Younkin.

An alumnus of the University of Iowa, Minard has spent the past 29 years at the Principal. Prior to the February shift, Minard served as senior vice president of distribution for all of the Principal (including its annuities, insurance, mutual fund, and retirement businesses).

As of March 31, PGI's assets under management (not including the Principal Funds) reached $342.9 billion.

Here's the full text of McCaughan's memo:

I am writing to let you know that Tim Minard, senior executive director of U.S. Distribution for Principal Global Investors, is leaving the organization effectively immediately. Tim has had a long and successful career at The Principal and has made many valuable contributions to our sales organization. We wish him the best of luck in his future endeavors. With immediate effect, Tim Hill, Tom Smith and Doug Younkin will report directly to me. Additionally, Mark Marwede, Irene Scalfani, Bill Gilroy, and Judi Turner-Heib will report to Tom Smith, and Scott Sams will report to Doug Younkin. I will be working with the PGI Operating Committee to ensure that there is a smooth and orderly transition, and that the current strong momentum for our businesses, both institutional and funds, is maintained. If you receive questions from the media, refer them to Eva Sweet and/or Adam Lackey.

Jim McCaughan, CEO
Principal Global Investors

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