Principal Global Investors To Manage $20 Million For
Sept. 7, 2005 (Des Moines, Iowa) — Principal Global Investors, a member of the Principal Financial Group®, today announced it has been selected by the Firemen's Retirement System of St. Louis to manage a $20 million investment in The Principal U.S. Property Account.
"We are extremely pleased to add the Firemen's Retirement System to our growing list of institutional client relationships," said Randy Mundt, chief investment officer for Principal Real Estate Investors. "Our capabilities are well suited to the objectives of retirement funds seeking exposure to an extremely well diversified, high quality real estate portfolio."
The Principal U.S. Property Account is a $4.3 billion commingled fund of real estate equity investments for retirement plans. This well-diversified direct property portfolio is comprised primarily of fully developed, income producing commercial assets. It currently invests in 142 office, industrial, multifamily and retail properties located across 40 cities throughout the United States.
The Firemen's Retirement System of St. Louis covers nearly 2,000 active and retired participants and their beneficiaries.
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 $155 billion in assets primarily for retirement plans and other institutional clients1. Principal Real Estate Investors is the fourth largest institutional real estate manager in the United States based on tax-exempt assets under management2 and manages or sub advises $30 billion in commercial real estate assets. The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors.
About The Principal Financial Group
The Principal Financial Group®
(The Principal®)3
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 $187.8 billion in assets under management4 and serves some 15.2 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, 2005. Principal Global Investors is the asset management arm of the Principal Financial Group, and includes the global asset management operations of the following members of the Principal: Principal Global Investors, LLC; Principal Real Estate Investors, LLC; Spectrum Asset Management, Inc.; Post Advisory Group, LLC; Columbus Circle Investors, Inc.; Principal Global Investors (Europe) Limited; Principal Global Investors (Singapore) Ltd; Principal Global Investors (Australia) Ltd; and Principal International, Inc., its subsidiaries and affiliates.
2) Pensions & Investments magazine annual survey of real estate managers, Oct. 18, 2004.
3) "The Principal Financial Group" and "The Principal" are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
4) As of June 30, 2005.
