Principal Global Investors Expands Insurance Sales Team
Oct. 17, 2006 (Des Moines, Iowa) — Principal Global Investors today announced the appointment of Carl E. Terzer as director - insurance asset management sales. Terzer, who will be based in New York, will be responsible for marketing to unaffiliated insurance companies across the U.S. Principal Global Investors is a diversified asset management organization with world-class investment expertise in fixed income, equities and real estate.
"Carl is a significant addition to our team and we're very pleased to have him on board. His background, skills and the relationships he has built over the last 20 years will be invaluable to us as we boost our efforts to grow the insurance assets we manage in the U.S.," said Patrick J. Mc Nelis, executive director - institutional advisory services. "While the bulk of insurance assets are still managed internally, more and more insurance companies are looking to external managers to manage niche asset classes where they may not have expertise. Principal Global Investors has specialty capabilities in high yield, preferred securities and public and private real estate, in addition to multi-sector fixed income and equity investment capabilities. This makes us ideally suited to manage insurance company assets."
Mc Nelis noted that in a recent survey by Insurance Asset Manager, Principal Global Investors ranked in the top three for growth in insurance company assets in 2005 and that insurance assets under management reached approximately $5.5 billion at the end of the year. He added: "We've continued to rapidly grow insurance assets in 2006 and are confident that with Carl on board, we'll be well positioned to build significant momentum going forward."
Terzer comes to Principal Global Investors from Brown Brothers Harriman & Co., where, as senior vice president of insurance and institutional investments, he developed and oversaw the execution of the company's strategic marketing plan for insurance asset management. He has more than 20 years of experience focused on the insurance industry in a variety of senior sales and marketing roles held at Bankers Trust Company and Chase Manhattan Bank, among others. Terzer received a BA in business administration and economics from Rutgers University and holds the NASD Series 7 & 66 designations.
About Principal Global Investors
Principal Global Investors is a diversified asset management organization and a wholly-owned subsidiary of Principal Financial Group, Inc., with expertise in equities, fixed income and real estate investments, as well as specialized overlay and advisory services. Principal Global Investors manages $168.8 billion in assets primarily for retirement plans and other institutional clients. 1
About the Principal Financial Group
The Principal Financial Group® (The Principal®)2 is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance and banking through its diverse family of financial services companies and national network of financial professionals. A member of the Fortune 500, the Principal Financial Group has $206 billion in assets under management3 and serves some 16.3 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
1) As of June 30, 2006. Principal Global Investors is the asset management arm of the Principal Financial Group® (The Principal®), and includes the global asset management operations of the following members of The Principal Financial Group: Principal Global Investors, LLC, its U.S. and foreign advisory affiliates, and the asset management operations of Principal International, Inc. and its member companies.
2) "The Principal Financial Group" and "The Principal" are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
3) As of June 30, 2006.
