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Rating:A $442B-AUM AM Breaks One of Its Flows Records Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, October 31, 2019

A $442B-AUM AM Breaks One of Its Flows Records

Reported by InvestmentWires Staff, 

A publicly traded insurer's multiboutique asset management arm had a big third quarter in terms of net inflows.

Patrick G. Halter
Principal Global Investors
Dan Houston — chairman, CEO & president of Principal Financial Group — stated on Principal's Q3 2019 earnings call (as transcribed by Seeking Alpha) on October 25 that for Principal's asset management arm, Principal Global Investors (PGI) [profile], "net cash flow was a positive $2.9 billion," while "PGI sourced net cash flow [i.e. inflows not from other silos of Principal] was a positive $1.3 billion compared to negative $3.7 billion in the prior year quarter."

"This was PGI's best quarter of sourced net cash flow in 2 years," Houston added, before pointing to Slide 5 of Principal's earnings presentation.

According to the financial supplement, Principal Global Investors' AUM and AUA increased 2.3 percent from $431.8 billion at the end of Q2 2019 to $441.9 billion at the end of Q3 2019. According to Principal's Q3 2019 earnings release , PGI's pre-tax operating earnings decreased 43 percent to $123 million, and operating revenues less pass-through expenses decreased 44 percent to $332.6 million. PGI pre-tax operating earnings accounted for 29.3 percent of Principal's total pre-tax operating earnings

Meanwhile, Principal overall missed analysts' EPS expectations by $0.22. 

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