[February 04, 2013] |
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Principal Global Investors Fulfills $150 Million Qualified Foreign Institutional Investor Quota
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 he 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 (News - Alert) 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
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