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Rating:An Insurer Slims its Asset Manager Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, May 01, 2009

An Insurer Slims its Asset Manager

Reported by Neil Anderson, Managing Editor

A new round of cuts at Principal Financial Group specifically targets its asset management team. Spokeswoman Susan Houser confirmed that the Des Moines, Iowa-based firm is eliminating about 75 jobs from Principal Global Investors.

The Associated Press, the Des Moines Register and KCCI Des Moines 8 all reported on the news.

In an emailed statement, Houser told MFWire that market turmoil has caused "pressure and challenges for all asset managers, including Principal Global Investors."

"We've adapted to changes as business opportunities have continued to decline "We've adapted to changes as business opportunities have continued to decline over recent months," Houser stated, adding that the cuts are "in response to the environment and to better align expenses and resources."

The move follows temporary reductions in salary Principal confirmed in March, as well as 550 job cuts that came to light in December (see MFWire, 12/10/2008 and 3/20/2009). 

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