Principal® deepens its commitment to helping Southeast Asians achieve lifetime goals with rebranding of ASEAN asset management operations
Kuala Lumpur, 25 April 2019 – Principal Financial Group (“Principal”) announced today that it will rebrand its asset management operations in ASEAN, a joint-venture with CIMB Group Holdings Berhad (“CIMB”). The company formerly known as CIMB-Principal Asset Management Berhad will be named Principal Asset Management Berhad (“Principal”) and CIMB-Principal Islamic Asset Management Sdn. Bhd. will be named Principal Islamic Asset Management Sdn. Bhd. (“Principal Islamic”).
Headquartered in Malaysia, Principal’s 15-year alliance with CIMB has emerged as one of ASEAN’s leading asset managers with more than RM80 billion in assets under management across the region, as of 31 March 2019. In 2018, Principal increased its ownership in the partnership to 60 percent, with CIMB retaining 40 percent. Both parties continue to co-manage the businesses, building on the success of their alliance.
To reinforce their ongoing partnership, the company will be marketed as Principal in alliance with CIMB, as they unite their regional businesses under a global vision of making financial progress a reality for clients of all income and portfolio sizes. Principal and CIMB marked the announcement with a launch event in Kuala Lumpur, with future events planned for Indonesia and Thailand in the coming weeks.
“Helping clients achieve their lifetime financial goals is at the heart of what Principal stands for. A focus that has not changed since our very beginning 140 years ago,” said Thomas Cheong, President, Principal Asia. “Now, we are reinforcing our global commitment to our Asian markets to help our customers save, plan and invest for their financial security through our retirement and long-term savings franchise.”
“As a leading ASEAN bank, asset management remains a core focus of our regional banking business. With CIMB’s extensive ASEAN-wide distribution network and Principal’s investment expertise, our continued alliance will strengthen the joint-venture in providing more specialised, innovative, and differentiated investment products and services that meet the long-term needs of ASEAN’s retail and institutional investors,” said Effendy Shahul Hamid, CEO, Group Ventures & Partnerships, CIMB.
“CIMB helped establish our local presence and now, with Principal taking on the role of primary shareholder, we’re able to bring additional global perspectives and asset management capabilities into the region,” said Juan Ignacio Eyzaguirre, CEO, Principal Asset Management ASEAN. “With the combination of scale, investment expertise, and deep regional relationships, we are optimistic of solidifying our position as an ASEAN market leader in the asset management and retirement industry of the region.”
As part of the transition to Principal:
- Existing and new investment products and strategies will be aligned with Principal’s global mission and objectives while the company continues to focus on capturing new and exciting growth opportunities throughout the region.
- Principal will continue leveraging its strong local leadership teams led by Munirah Khairuddin as CEO of Principal and Dato’ Paduka Syed Mashafuddin Syed Badarudin as CEO of Principal Islamic in Malaysia; Christopher Liew as CEO & Chief Investment Officer (CIO) of Principal in Singapore, Pak Agung Budiono as CEO of Principal in Indonesia; and Jumpon Saimala as CEO of Principal in Thailand.
Principal is a Fortune 500 global financial services group that offers retirement, insurance, and asset management solutions to more than 24 million customers in more than 80 countries. The group’s mission in Asia and other emerging markets worldwide is to help businesses and people gain financial security and independence to achieve their lifetime financial goals and advance their financial futures.