Principal Global Investors Announces Affiliate Management Changes
New Managing Directors to lead Edge Asset Management and Morley Financial Services
July 14, 2009 (Des Moines, IA) — Principal Global Investors announces Jill Cuniff will join Edge Asset Management in Seattle, Wash., as president. Most recently, Cuniff was president of Morley Financial Services in Portland, Ore. Timothy Stumpff has been named president at Morley. Both Edge and Morley are affiliates of Principal Global Investors and member companies of the Principal Financial Group®.
As presidents, Cuniff and Stumpff will be responsible for their firm's overall activities including investment management, sales, client service, marketing, finance and operations. The changes will be effective Sept. 1, 2009.
"We are pleased to have Jill and Tim in these roles," said Ellen Shumway, executive director of affiliate operations for Principal Global Investors. "Jill has done an exceptional job at Morley. Morley manages in excess of $16 billion in assets and during Jill's tenure as president, the firm's assets almost doubled in size. She was also critical in leading Morley through the acquisition by Principal Global Investors in 2007 and continued to grow the firm as part of the Principal Financial Group family. Her dedication and expertise will complement the talented team at Edge already in place."
"I'm equally excited to have Tim join Morley," said Shumway. "He brings proven leadership skills and a diverse legal and financial background to Morley. Under his leadership, we look forward to continuing the firm's work with clients and stable value providers to steer the firm through the changing financial landscape."
Cuniff joined Morley in 1988 and has 20 years of experience as both a business leader and investment professional. In addition to her role as president of Morley, she has a strong background in asset management from both an investment and distribution perspective. She received a bachelor's degree in business finance from Montana State University.
Stumpff brings over 21 years of experience and has been with the Principal Financial Group since 2003. Stumpff has an extensive legal, capital markets and private equity background. He is currently vice president of Network Development for the Principal Financial Group. Prior to this position, Stumpff served as vice president, Capital Markets. He received his bachelor's degree in accounting from the University of Missouri – Kansas City and a law degree from Harvard Law School. Prior to joining The Principal®, he was with Leucadia International Corporation and was formerly a partner in a Washington D.C.-based international law firm.
About Edge Asset Management
Edge Asset Management (formerly WM advisors) has been a pioneer in the field of actively managed asset allocation funds and is a leading fundamental manager delivering equity and fixed income products focused on total return and income. Edge has $14.6 billion in equity and fixed income assets, including $7.6 billion in asset allocation products/accounts. In 2007, Edge Asset Management (formerly WM Advisors) was acquired by Principal Global Investors, the asset management arm of the Principal Financial Group.
About Morley Financial Services
Morley Financial is a leader in the stable fixed income industry, handling all aspects of stable value investing, including portfolio management, research, sales and service. Founded in 1982, today the company oversees more than $16.7 billion* in assets for a diverse group of institutional clients, including leading banks, corporations, Taft-Hartley Funds and investment counselors across the United States. They offer collective funds through their own trust company, Union Bond & Trust. In 2007, Morley Financial was acquired by Principal Global Investors, the asset management arm of Principal Financial Group.
About Principal Global Investors
Principal Global Investors is a diversified asset management organization and a member of the Principal Financial Group, with expertise in equities, fixed income and real estate investments, as well as specialized overlay and advisory services. Principal Global Investors manages $189.1 billion in assets primarily for retirement plans and other institutional clients.
About the Principal Financial Group
The Principal Financial Group® (The Principal ®) 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 $236.6 billion in assets under management and serves some 18.8 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.