Principal announces new Head of Global Asset Management

Principal Financial Group has announced that Pat Halter, Chief Executive Officer and President of Principal Global Investors, is being promoted to President of Principal Global Asset Management, responsible for strategy across the total company’s USD701.8 billion of assets under management (AuM).

In his new role, Halter will direct the strategy across business which include Principal Global Investors, Principal International investment operations, and the company’s General Account, the firm said in a press release.

He will continue to serve as the CEO for Principal Global Investors, reports Principal, which manages USD450.1 billion in assets in more than 80 countries. Leadership changes follow the decision of Tim Dunbar, President, Principal Global Asset Management, to retire at the end of the year, after 34 years with the company.

Kamal Bhatia, President of Principal Funds, has also reportedly been promoted to Chief Operating Officer for Principal Global Investors. Organisational changes allow for continued alignment of global investment capabilities and infrastructure across Principal, says the firm, to better serve all its asset management customers. Halter and Bhatia will assume their new responsibilities on November 7, 2020 and fully transition following Dunbar’s departure.

Dan Houston, Chairman, President and Chief Executive Officer, Principal, said: “Pat has a proven track record leading our global investment business and is well prepared to help us expand our investment customer base and build upon our position as a leading global asset manager. He’s also played a pivotal role in bringing the right people and investment expertise together, and combined with Kamal’s insights, global experience and fresh perspective, I’m confident in this team’s ability to continue to help more people around the world with their investment needs.”

In Halter’s new role, he will be responsible for strategy and supporting investment process services across the Global Asset Management businesses, continuing the joint vision developed with Dunbar. Halter will bring additional focus on broadening asset management offerings and solutions around the world, and expanding Principal’s client base across additional markets, customer segments and distribution channels. He will report to Houston. Halter’s career at Principal has spanned more than 36 years, having a proven track record in product and fund design, portfolio strategy, new business development, distribution, strategic direction and investment management operations.

In his new role, Bhatia will have oversight of investment teams covering global equities and multi-asset strategies, product platforms, global advisory along with US and International distribution. As COO he will focus on expanding investment offerings, continuing to bring differentiated investment solutions to market and meet the needs of Principal customers. He will continue to serve as the president of Principal Funds. He will report to Halter.

Dunbar departs after spending 34 year at Principal in several areas of the company including strategy, mergers and acquisitions, human resources, and various investment functions. This included overseeing pension and investment operations for Principal International in Mexico and serving as head of equities for Principal Global Investors. Prior to his current role, he served as chief investment officer. He began his career at Principal in asset management and commercial real estate equities. Dunbar will continue to serve as chairman of the Principal Funds Board.

“Tim has brought a unique mix of deep investment expertise, strategic thinking, and capital market knowledge, which he combined with his ability to build and lead high performing teams. He’s helped us build on the success of our global asset management business during a time of unprecedented change and disruption in the industry. We wish him all the best in retirement.”