Principal Financial Group has selected current head of global investments and president of Principal Funds Kamal Bhatia as the new president and chief executive officer of Principal Asset Management.
Bhatia will take over the role on 10 February from Pat Halter, who will be retiring after 40 years at Principal on 2 April. Starting at the company in 1984, Halter has held the position of president and CEO of Asset Management since 2018. He also serves on the Principal Mutual Fund board.
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Dan Houston, chair, president, and CEO of Principal, said: “(Pat’s) leadership in developing our real estate capabilities led to our expansion into international markets and made Principal the top 10 global real estate investment manager it is today.
“We’re grateful for his steady hand and deep commitment to our clients and to building a best-in-class culture within our asset management organisation.”
Bhatia started at Principal in 2019 after careers at OppenheimerFunds, TIAA, Mellon Asset Management, and Citigroup. In 2020, he became chief operating officer of the asset management branch, and in 2023 became head of global investments.
In his new position, Bhatia will look over Principal’s $651bn assets under management and will place a focus on multi-asset products, retirement solutions, and public and private ‘investment capabilities’.
“Asset management is a core growth driver for Principal and the investment engine behind the company’s global retirement and benefits and protection businesses,” Houston said.
“We bring to bear our talent, expertise, and experience to deliver investment solutions and performance coupled with deep client understanding. I’m confident in Kamal’s ability to continue to drive this business forward to meet the growing demand for investment solutions around the world, while navigating volatile market environments and evolving client needs.”
