Principal® deepens its commitment to helping Southeast Asians achieve lifetime goals with rebranding of ASEAN asset management operations

Principal Financial Group (“Principal”) announced today that it will rebrand its asset management operations in ASEAN, a joint-venture with CIMB Group Holdings Berhad (“CIMB”). The company formerly known as CIMB-Principal Asset Management Berhad will be named Principal Asset Management Berhad (“Principal”) and CIMB-Principal Islamic Asset Management Sdn. Bhd. will be named Principal Islamic Asset Management Sdn. Bhd. (“Principal Islamic”).

Headquartered in Malaysia, Principal’s 15-year alliance with CIMB has emerged as one of ASEAN’s leading asset managers with more than RM80 billion in assets under management across the region, as of March 31, 2019.  In 2018, Principal increased its ownership in the partnership to 60%, with CIMB retaining 40%. Both parties continue to co-manage the businesses, building on the success of their alliance.

To reinforce their ongoing partnership, the company will be marketed as Principal in alliance with CIMB, as they unite their regional businesses under a global vision of making financial progress a reality for clients of all income and portfolio sizes. Principal and CIMB marked the announcement with a launch event in Kuala Lumpur, with future events planned for Indonesia and Thailand in the coming weeks.

“Helping clients achieve their lifetime financial goals is at the heart of what Principal stands for. A focus that has not changed since our very beginning 140 years ago,” said Thomas Cheong, President, Principal Asia. “Now, we are reinforcing our global commitment to our Asian markets to help our customers save, plan and invest for their financial security through our retirement and long-term savings franchise.”

“As a leading ASEAN bank, asset management remains a core focus of our regional banking business. With CIMB’s extensive ASEAN-wide distribution network and Principal’s investment expertise, our continued alliance will strengthen the joint-venture in providing more specialised, innovative, and differentiated investment products and services that meet the long-term needs of ASEAN’s retail and institutional investors,” said Effendy Shahul Hamid, CEO, Group Ventures & Partnerships, CIMB.   

“CIMB helped establish our local presence and now, with Principal taking on the role of primary shareholder, we’re able to bring additional global perspectives and asset management capabilities into the region,” said Juan Ignacio Eyzaguirre, CEO, Principal Asset Management ASEAN. “With the combination of scale, investment expertise, and deep regional relationships, we are optimistic of solidifying our position as an ASEAN market leader in the asset management and retirement industry of the region.”

As part of the transition to Principal:

  • Existing and new investment products and strategies will be aligned with Principal’s global mission and objectives while the company continues to focus on capturing new and exciting growth opportunities throughout the region.
  • Principal will continue leveraging its strong local leadership teams led by Munirah Khairuddin as CEO of Principal and Dato’ Paduka Syed Mashafuddin Syed Badarudin as CEO of Principal Islamic in Malaysia; Christopher Liew as CEO & Chief Investment Officer (CIO) of Principal in Singapore, Pak Agung Budiono as CEO of Principal in Indonesia; and Jumpon Saimala as CEO of Principal in Thailand.

Principal is a Fortune 500 global financial services group that offers retirement, insurance, and asset management solutions to more than 24 million customers in more than 80 countries. The group’s mission in Asia and other emerging markets worldwide is to help businesses and people gain financial security and independence to achieve their lifetime financial goals and advance their financial futures.

Visit principal.com.my or principalislamic.com for more information about Principal and the rebranding of its asset management operations in Malaysia.

News Release Contact

Corporate Information & Community

Aaron Jaco, 515-878-0306
Erica Jensen, 515-362-0049

About Principal®

Principal helps people and companies around the world build, protect and advance their financial well-being through retirement, insurance and asset management solutions that fit their lives. Our employees are passionate about helping clients of all income and portfolio sizes achieve their goals—offering innovative ideas, investment expertise and real-life solutions to make financial progress possible. To find out more, visit us at principal.com.

Principal, Principal and symbol design and Principal Financial Group are trademarks and service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.

About CIMB Group

CIMB Group is one of ASEAN’s leading universal banking groups and is Malaysia’s second largest financial services provider, by assets. It offers consumer banking, commercial banking, investment banking, Islamic banking and asset management products and services. Headquartered in Kuala Lumpur, the Group is present in all 10 ASEAN nations and has market presence in China, Hong Kong, India, Sri Lanka, Korea, US and UK. CIMB Group is listed on Bursa Malaysia and has a market capitalisation of approximately RM54.6 billion, around 36,000 employees and around 800 branches, as at December, 31 2018.