The Principal Financial Group Receives Recognition from Money Management Executive
Honored as a 2008 Fund Operations Award Winner
October 29, 2008 (Des Moines, Iowa) — Money Management Executive has named the Principal Financial Group® as a 2008 Fund Operations Award winner for efficiency and streamlining of its mutual funds operations.
Now in its sixth year, the awards program recognizes outstanding investment management service providers.
Principal Funds was selected for centralizing multiple mutual fund administration processes on the Confluence Unity™ platform, which features a single data hub to streamline investment data management. Most notably, Principal Funds reduced the cycle times to develop financial statements by 25 percent and holdings reports from 20 days to five days. The company also reduced print-ready document management time by 50 percent.
“Our focus is to make life easier for financial professionals,” said Layne Rasmussen, vice president, controller and chief financial officer at Principal Funds. “This award validates our commitment to automating our mutual fund administration processes that have provided significant cost savings and efficiencies in reporting and compliance testing.”
“As an example of best practice processes, The Principal is paving the way for the industry’s next-generation back office,” said Kirk Botula, executive vice president and chief operating officer of Confluence. “Not only are they improving efficiencies and reducing costs, in the process they are elevating the level of service their fund administration staff can provide to their entire organization. We extend sincere congratulations to the Principal Financial Group for receiving this award.”
About the Principal Financial Group
The Principal Financial Group® (The Principal®)[1] 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. A member of the Fortune 500, the Principal Financial Group has $308.0 billion in assets under management[2] and serves some 19.0 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.
About Principal Funds
Principal Funds is a leading provider of mutual fund solutions, with more than $52.7 billion[3] in assets under management. Principal Funds offers global investment management, asset allocation expertise and is a retirement leader. Principal Funds is the fifth largest manager of lifecycle funds (including target-date and target-risk funds) in the industry.[4] Principal Funds are sold through a nationwide network of financial professionals associated with brokerage and financial planning firms. The companies that make up Principal Funds are members of the Principal Financial Group®. For more information, visit www.principalfunds.com.
Before investing, you should carefully consider a fund’s investment objectives, risks, charges, and expenses. Contact your financial professional, visit www.principalfunds.com, or call 800-222-5852 to obtain a prospectus containing this and other information. Read the prospectus carefully before investing.
A mutual fund's share price and investment return will vary with market conditions, and the principal value of an investment when you sell your shares may be more or less than the original cost.
Principal Funds, Inc. is distributed by Principal Funds Distributor, Inc., member of the Principal Financial Group®. Principal Funds Distributor, Principal Shareholder Services, Principal Management Corporation and its affiliates, and Principal Funds, Inc. are collectively referred to as Principal Funds.
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- [1]
- "The Principal Financial Group" and “The Principal” are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
- [2]
- As of June 30, 2008
- [3]
- As of September 30, 2008. Includes Principal Funds, Inc. and Principal Variable Contracts Funds, Inc. assets
- [4]
- As of June 30, 2008. Source: Financial Research Corporation Mutual Fund Lifecycle Report 1Q08
