Principal has lost a mutual fund director to Santander Asset Management, which incidentally is rumored to be a target by U.S. private equity investors.

Mikhail Mora has joined Santander to serve as mutual fund distribution director, according to his Linkedin posting.

For three years previously, he worked as a commercial and product director at Principal Financial Group, where he handled independent financial advisors, institutional sales and mutual fund distribution.

Before that, he served as a deputy director at Banamex Asset Management, and before that, a manager for institutional sales and mutual fund distribution at Citi.

Santander, currently, has no presence in the U.S. mutual fund market, but according to published reports it is a takeover target for private equity firms Warburg Pincus and General Atlantic.

MFWire could not reach Santander nor Principal executives for comment as of press time. 

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