Principal and CIMB rebrand Thai unit as Principal Asset Management
Principal Financial Group has announced it is taking steps to rebrand its asset management operations in ASEAN, in what will be a continuing partnership with CIMB Group.
In Thailand, the company formerly known as CIMB Principal Asset Management will be renamed Principal Asset Management.
US-based Principal Financial Group’s 15-year alliance with Malaysia’s CIMB has emerged as one of ASEAN's leading wealth management firms with more than USD20 billion under management across Southeast Asia, as of April 30.
Last year, Principal increased its ownership in the partnership to 60 percent, with CIMB retaining 40 percent. Both parties will continue to co-manage the new business, building on the long-term success of their joint venture.
To reinforce their ongoing cooperation, the two firms will working toward uniting their regional businesses under a global commitment to serve clients of all income and portfolio sizes.
Thomas Cheong, president of Principal Asia, said, “Helping clients achieve their lifetime financial goals is at the heart of what Principal stands for. A focus that has not changed since our very beginning 140 years ago. Now, we are reinforcing our global commitment to our Asian markets to help our customers save, plan and invest for their financial security through our retirement and long-term savings franchise."
Jumpon Saimala, CEO of Principal Asset Management Thailand, added, “With Principal’s greater prominence in Thailand, we are able to enhance our wealth management capabilities to empower customers with the right advice and tools they need to transform their financial lives. We are especially excited to integrate digital capabilities across our products and services, which will enable us to transform the client experience, improve our investment insights, and offer accessible asset allocation options to a wider customer base."
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