Principal Financial Group has appointed Kamal Bhatia as president and chief executive officer of its asset management arm effective 10 February 2024.
Bhatia (pictured), who is currently global head of investments and president of Principal Funds, will be succeeding Pat Halter, who is set to retire on 2 April.
Halter was at the firm for 40 years and will assume an interim role as division president during the transition period, a statement from the company said.
“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.
“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 will be responsible for strategy, investment performance, and client growth at Principal’s $651bn asset management business, with a focus on public and private investment capabilities, multi-asset products, and retirement solutions for its institutional, wealth and retirement clients.
Prior to joining the company, Bhatia was CEO and chairman of the board for OC Private Capital, a joint venture between OppenheimerFunds and the Carlyle Group, focused on private credit.
Before that, he held senior roles at OppenheimerFunds, TIAA-CREF Asset Management, Mellon Asset Management, and Citigroup.
He joined Principal in 2019 as president CEO of Principal Funds before becoming chief operating officer for the asset management business in 2020 and global head of investments in 2023.
Commenting on Halter’s retirement, Houston said: “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.”
“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 manager it is today.”
