Principal Financial's global asset management division saw a drop in assets under management over the past year. In the third quarter 2009 earnings report, released Monday, segment operating earnings fell to $10.5 million from $23.5 million this time last year, thanks to a 12 percent decline in AUM. Principal Funds brought in $1.9 billion in sales.

Additionally, Q3 operating revenues for the unit totaled $111.3 million, compared to $141.7 million for the same period in 2008. Non-affiliated assets under management were $73.2 billion as of September 30, 2009, compared to $82.9 billion in 2008. 

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