A publicly traded insurer is standing by its $550.6-billion-AUM (as of March 31) asset management arm as one of several core business lines.
| Patrick G. "Pat" Halter
Principal Global Investors
On Monday, Dan Houston
(chairman, president, and CEO of Principal Financial Group
that the Des Moines, Iowa-based firm has wrapped
up its four-month strategic review. One result of the review is that the Principal team is publicly committing to its global asset management business (i.e. Principal Global Investors) as one of three key growth areas where they will "invest and expand." (A second is Principal's retirement business
Meanwhile, Houston also unveiled plans to exit a pair of U.S. retail businesses (specifically fixed annuities and individual life insurance), potentially through divestments. He also unveiled further stock buyback plans.
The results of Principal's strategic review have already won the public praise of Mark Cicirelli
, U.S. head of insurance for Elliott Investment Management
. (Elliott is an activist hedge fund that is also a big shareholder of Principal.)
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