Principal Global Investors Fulfills $150 Million Qualified Foreign Institutional Investor Quota
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http://pdf.reuters.com/htmlnews/8knews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20130204:nBw046082a DES MOINES, Iowa--(Business Wire)-- Principal Global Investors, LLC, a leading global asset manager and a member of the Principal Financial Group® (NYSE:PFG), announces it has fulfilled its $150 million Qualified Foreign Institutional Investor (QFII) quota. The full amount of the quota will be invested directly into the local China A-share markets on behalf of one client of Principal Global Investors. Principal Global Investors was awarded the QFII designation in January 2012 and was granted a $150 million quota in August 2012. Due to high client demand, Principal Global Investors will apply for a second quota from China`s State Administration of Foreign Exchange. Jim McCaughan, CEO of Principal Global Investors, said, "We are pleased to see the full $150 million quota filled by one client. Access to the China A-share markets remains in demand among sophisticated institutional investors. China`s economy has slowed in recent years, but it has experienced nothing like the `hard landing` many pundits predicted. As a result, the A-share markets represent good value at a time when many international investors are getting their first opportunity to participate. We hope to offer access to this market to more of our clients by being granted an additional quota." Fulfilling the QFII quota builds on the long-term presence and success that The Principal Financial Group® has had in the retirement and mutual fund business within the region, an effort that dates back to 1994. Principal Global Investors` China strategy is supported through its regional headquarters in Singapore, a regional office in Hong Kong, the global headquarters in Des Moines, Iowa, and coordinated through a representative office in Beijing. The investment team responsible for the capability is located in Hong Kong, Singapore and the United States. 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 $281.5 billion in assets1 primarily for retirement plans and other institutional clients2. About the Principal Financial Group The Principal Financial Group® (The Principal®)3 is a global investment management leader offering 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 $403.0 billion in assets under management4 and serves some 18.3 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 Dec. 31, 2012 2 Principal Global Investors is the asset management arm of the Principal Financial Group® (The Principal®)3 and includes the asset management operations of the following subsidiaries of The Principal: Principal Global Investors, LLC; Principal Real Estate Investors, LLC; Principal Enterprise Capital, LLC; Spectrum Asset Management, Inc.; Post Advisory Group, LLC; Columbus Circle Investors; Edge Asset Management, Inc.; Morley Financial Services Inc.; Finisterre Capital, LLP; Origin Asset Management, LLP; 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.; CIMB-Principal Islamic Asset Management Sdn. Bhd.; and the majority owned affiliates of Principal International, Inc. Assets under management includes assets managed by investment professionals of Principal Global Investors under dual employee arrangements with other subsidiaries of The Principal and assets managed in accordance with investment advice provided by Principal Global Investors through the delivery of a model. 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 Dec. 31, 2012 Principal Financial Group Adam Lackey, 515-362-0482 firstname.lastname@example.org Copyright Business Wire 2013