- June 30, 2021
- Posted by: Stratford Team
- Category: Business
Principal Financial Group is prioritizing its higher-growth businesses at the expense of retail-oriented insurance products after a review of the company.
Daniel J. Houston, chairman, president and CEO of Principal Financial, said in an interview Tuesday that the firm’s new focus is trained on three fee-based businesses: U.S. and emerging markets retirement plans, including Latin America and Asia; Principal Global Investors, the firm’s global asset manager; and U.S. benefits and insurance for small- and midsize business owners, which includes investment management of non-qualified deferred compensation plan by the company’s asset management team.
Principal Financial plans to complete the integration of Wells Fargo & Co.’s institutional retirement and trust business on July 1 after acquiring the business in October 2020, which, Mr. Houston said, was a major milestone for the firm.
The now-combined business has $470 billion in assets under administration…
