KUALA LUMPUR: Principal Financial Group® today announced Kamal Bhatia, global head of investments, and president of Principal® Funds and chairman of Principal Funds Board, will be the incoming president and CEO of Principal Asset ManagementSM, effective Feb 10, 2024. Bhatia succeeds Pat Halter, who will retire after 40 years with the company on April 2, 2024. During this transition period, Halter will assume the interim role of division president.
Bhatia will be responsible for strategy, investment performance, and client growth for the global investment unit and the company’s $651 billion of assets under management (AUM), including the general account. He will lead the continued expansion of the firm’s global and local offerings with a focus on specialty public and private investment capabilities, multi-asset products, and retirement solutions to meet the needs of its institutional, wealth, and retirement clients.
“Asset management is a core growth driver for Principal and the investment engine behind the company’s global retirement and benefits and protection businesses,” said Dan Houston, chairman, president, and CEO of Principal. “We bring to bear our talent, expertise, and experience to deliver investment solutions and performance coupled with deep client understanding. I’m confident in Kamal’s ability to continue to drive this business forward to meet the growing demand for investment solutions around the world, while navigating volatile market environments and evolving client needs.”
Bhatia joined Principal in 2019 as president and CEO of Principal Funds before becoming COO for the asset management business in 2020 and global head of investments in 2023. Prior to joining the company, Bhatia held several senior management positions in the industry, including CEO and chairman of the board for OC Private Capital, a joint venture between OppenheimerFunds and the Carlyle Group, focused on private credit. He’s also held senior roles at OppenheimerFunds, TIAA-CREF Asset Management, Mellon Asset Management, and Citigroup.
Halter is retiring from Principal after 40 years with the company. As president, he’s guided the firm through significant growth, including the further diversification of its active, specialty investment capabilities into private markets and new geographies. Most recently, Halter led the integration of the company’s asset management and international pension businesses to better deliver local and global investment expertise to its clients across the globe. Throughout his tenure, Principal Asset Management has been continuously recognised by Pensions & Investments as a “Best Place to Work in Money Management.” Halter joined Principal in commercial real estate and previously served as CEO of Principal Real Estate Investors and chief operating officer of the firm.
“Pat has helped set the course for asset management at Principal for 40 years, helping us to grow to more than 850 investment professionals, serving clients in more than 80 markets,” said Houston. “His leadership in developing our real estate capabilities led to our expansion into international markets and made Principal the top 10 global real estate investment manager2 it is today. We’re grateful for his steady hand and deep commitment to our clients and to building a best-in-class culture within our asset management organisation.”
