Principal Global Investors Opens Dubai Office
Wassim Nasrallah Appointed Managing Director, Head of Middle East
October 31, 2011 (Des Moines, Iowa) – Principal Global Investors, LLC, a leading global asset manager and a member of the Principal Financial Group® (NYSE:PFG), today announces its expansion into the Middle East with the appointment of Wassim Nasrallah as managing director, head of Middle East. Nasrallah will be based in Dubai, at a newly established office location for Principal Global Investors.
The move allows Principal Global Investors to serve institutional investors, pension plan sponsors and sovereign wealth fund clients in the Middle East, with a primary focus on the nations of the Gulf Cooperation Council. Nasrallah will be responsible for overseeing the firm’s business development and marketing efforts in this region.
Abdulla Mohammed Al Awar, Chief Executive Officer of the Dubai International Financial Centre (DIFC) Authority, welcomed the opening of Principal Global Investors’ office, saying, “The UAE and the United States have long enjoyed strong commercial ties and many American companies have used Dubai as a base to expand into the region. Principal Global Investors joins a growing community of asset managers and other financial services providers in DIFC which has succeeded in establishing a secure and efficient platform to reach into and out of the emerging markets of the region.”
Jim McCaughan, CEO of Principal Global Investors, added, “The establishment of a Principal office in Dubai marks the continued expansion of our global footprint. Through Wassim’s leadership and experience, we look forward to offering the distinctive benefits of our multi-boutique investment model to clients in the Middle East.”
Nasrallah, who has 17 years of industry experience, most recently served as managing director at Gottex Fund Management, where he was responsible for business development and marketing in the Middle East. He has earned a Masters in Business Administration from George Washington University.
“Principal Global Investors’ multi-boutique investment model and diversified distribution channels are a natural fit for institutional clients in the Middle East,” said Nasrallah. “I look forward to introducing investors in these regions to Principal Global Investors’ leading global asset management capabilities.”
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 $231.4 billion in assets primarily for retirement plans and other institutional clients.
About the Principal Financial Group
The Principal Financial Group® (The Principal®) is a global investment management leader including retirement services, insurance solutions and asset management. The Principal offers businesses, individuals and institutional clients a wide range of financial products and services, including retirement, asset management and insurance through its diverse family of financial services companies. Founded in 1879 and a member of the FORTUNE 500®, the Principal Financial Group has $320.8 billion in assets under management and serves some 17.8 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.
- As of September 30, 2011. Principal Global Investors is the asset management arm of the Principal Financial Group® (The Principal®) and includes the asset management operations of the following subsidiaries of The Principal: Principal Global Investors, LLC; Principal Real Estate Investors, LLC; Spectrum Asset Management, Inc.; Post Advisory Group, LLC; Columbus Circle Investors; Edge Asset Management, Inc.; Morley Financial Services Inc.; Principal Global Investors (Europe) Limited; Principal Global Investors (Singapore) Ltd.; Principal Global Investors (Australia) Ltd.; Principal Global Investors (Japan) Ltd.; Principal Global Investors (Hong Kong) Ltd.; and the majority owned affiliates of Principal International, Inc.
- “The Principal Financial Group” and “The Principal” are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
- As of September 30, 2011.