The Principal Financial Group Partners with CIMB Group for Islamic Asset Management
| Printable Page|
DES MOINES, Iowa--(BUSINESS WIRE)--July 16, 2008--The Principal Financial Group(R) and CIMB Group today launched CIMB-Principal Islamic Asset Management Sdn Bhd, their signature global Islamic asset management company that will operate from the Malaysia International Islamic Financial Centre (MIFC).
CIMB-Principal Islamic will offer total solutions and create value in Islamic asset management by combining CIMB Group's leading knowledge and expertise in Islamic finance with the 129-year track record of The Principal(R) in a wide range of financial products and services, including global funds management and retirement services. The Principal has global assets under management of over $300 billion as of March 31, 2008.
The company is jointly owned by CIMB Group and The Principal. It will manage and distribute Islamic institutional mandates and unit trust funds in Asia, Europe, the Americas and the Middle East. CIMB Group is the largest investment bank in Southeast Asia and the second largest retail bank in Malaysia.
"This is very positive news for our shareholders and clients," said Larry Zimpleman, president and CEO of the Principal Financial Group. "Our expanded mutual commitment augurs well for both our businesses as the Shariah-compliant market shows tremendous growth possibilities. CIMB Group is a recognized pioneer in the Islamic financial markets, with unrivalled Shariah-compliant advisory and capital markets experience. With the emergence of a rising middle class in developing markets and subsequent need for retirement planning, we believe our partnership with CIMB Group will enable us to address key markets for both conventional and Shariah-compliant products and services, particularly in Southeast Asia and the Middle East."
"We see this as a major opportunity to deepen our collaboration with our long-time partner in Malaysia to create the capacity to offer best-in-class Islamic investments to a worldwide base of customers with specific requirements," said Jim McCaughan, president and CEO of Principal Global Investors. "CIMB Group has excellent Islamic finance credentials. Their unique insights on how to address the Islamic marketplace, combined with our expertise in international investments and global asset management, is a great partnership that will provide the finest in professional investment services to customers in a previously underserved market."
CIMB Group CEO Dato' Sri Nazir said, "We are pleased that an international investment firm of the stature of The Principal has chosen to set up its singular global Islamic fund management arm with CIMB Group. The decision by The Principal to base its international Islamic asset management business in Malaysia also represents a strong endorsement of the country's status as an international Islamic financial center."
About the Principal Financial Group
The Principal Financial Group(R) (The Principal (R))(1) 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 $304.2 billion in assets under management(2) and serves some 18.8 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.
About Principal Global Investors
Principal Global Investors is a diversified asset management organization and a member of the Principal Financial Group(R), with expertise in equities, fixed income and real estate investments, as well as specialized overlay and advisory services. Principal Global Investors manages $242.4 billion in assets primarily for retirement plans and other institutional clients.
About CIMB Group
CIMB Group is Malaysia's second largest financial services provider and one of Southeast Asia's leading universal banking groups. It offers consumer banking, investment banking, Islamic banking, asset management and insurance products and services. Headquartered in Kuala Lumpur, its key regional offices are located in Singapore, Indonesia and Thailand.
CIMB Group operates its business through three main brand entities, CIMB Bank, CIMB Investment Bank and CIMB Islamic. CIMB Group is also the majority shareholder of PT Bank Niaga in Indonesia. CIMB Group is owned by Bumiputra-Commerce Holdings Bhd, which is listed on Bursa Malaysia with a market capitalization of over $10 billion. The Group has over 24,000 employees located in nine countries.
(1) "The Principal Financial Group" and "The Principal" are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
(2) As of March 31, 2008
CONTACT: The Principal Financial Group Rick Swalwell, 515-235-6320 firstname.lastname@example.org or Rhonda Clark-Leyda, 515-247-6634 email@example.com SOURCE: The Principal Financial Group