Principal Management has renewed its contract with PFPC to provide remote transfer agency services for its Principal Mutual Funds. PFPC has held the mandate, which covers funds with $10 billion in assets and 750,000 shareholder accounts, since 1995.

PFPC will also continue to provide Principal Mutual Funds with a variety of services including integrated desktop technology, cost basis accounting and data warehouse capabilities, according to Michael J. Beer, executive vice president and chief operating officer of Principal Mutual Funds.

The renewal comes on the heals of Principal Financial Group's decision to use PFPC's wrap account platform for its new "baby boomer IRA" retirement income program that is targeted at the 401(k) rollover market.

Principal is a user of PFPC's Global Enterprise Platform, according to Michael DeNofrio, executive vice president and senior managing director, PFPC transfer agency.  

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