Dan Houston is consolidating Principal Financial Group's [profile asset management businesses worldwide and putting them under a single chief.

Timothy M. Dunbar Principal Financial Group President of Global Asset Management

Houston — chairman, president, and CEO of all of Principal — confirmed yesterday the ascension of Tim Dunbar to the newly created position of president of global asset management. Dunbar most recently served as executive vice president and chief investment officer of Principal.

Principal GAM encompasses four broad units: Principal Global Investors (which includes the Principal Funds mutual fund business, as well as 15 autonomous boutiques); Principal's general account; roboadvisor RobustWealth; and Principal International's investment operations. Combined, Principal GAM has $667 billion in AUM, including $430 billion under PGI alone.

Patrick G. Halter Principal Global Investors CEO

Meanwhile, PGI CEO Jim McCaughan stepped down from his role yesterday and will leave Principal on September 30. Pat Halter, chief operating officer of PGI, took over for McCaughan as CEO of PGI.

Houston lauds Dunbar for having "the right mix of investment expertise and leadership capabilities." And Houston praises Halter for his "operational skills, coupled with a deep understanding of the investment industry in a changing global environment." As for McCaughan, Houston describes the former PGI as being "instrumental in steering Principal's asset management strategy, building out our multi-boutique approach across a range of asset classes, and extending our reach to investment clients around the world."

James McCaughan Principal Global Investors former CEO

Dunbar most recently managed Principal's general account and RobustWealth efforts. An alumnus of Iowa State University, Dunbar joined Principal in 1986. While there he has worked in commercial real estate equities, at Principal International, and more.

McCaughan, an alumnus of the University of Cambridge, first joined Principal in 2002. Prior to that, he worked at Credit Suisse, Oppnenhemer Capital, and UBS.

Halter, an alumnus twice over of the University of Wisconsin, has spent 34 years at Principal. He rose to CEO of Principal Real Estate Investors in 2003, and in 2016 he became chief operating officer of all of PGI. 

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