Market Overview

Principal Announces New Leaders in Global Asset Management


Financial Group
® announced top leadership appointments
today to its $667 billion1 global asset management platform.

This press release features multimedia. View the full release here:

Dan Houston, chairman, president and chief executive officer of Principal. (Photo: Business Wire)

Dan Houston, chairman, president and chief executive officer of Principal. (Photo: Business Wire)

Tim Dunbar, executive vice president and chief investment officer, is
promoted to president of the Global Asset Management business, which
encompasses all of Principal's asset management capabilities including
Principal Global Investors, Principal International investment operations2,
the General Account, and RobustWealth, a recent digital investment
advice acquisition. Pat Halter, chief operating officer for Principal
Global Investors, is promoted to chief executive officer of the
multi-boutique investment management firm, which manages $430 billion in
assets1 in more than 80 countries.

"Tim brings the right mix of investment expertise and leadership
capabilities to his new role – having led talent, strategy and
operations across the enterprise," said Dan Houston, chairman, president
and chief executive officer of Principal. "Pat's operational skills,
coupled with a deep understanding of the investment industry in a
changing global environment, will be an important complement to Tim's
expertise to help accelerate our growth. I'm confident in this team's
combined track record and diversity of global experience to continue to
deliver for our clients and take our business forward."

These changes are part of the succession for current Principal Global
Investors CEO Jim McCaughan, who is stepping down effective Sept. 10 and
will depart the firm Sept. 30, as Principal shifts to the new leadership

"Jim has been instrumental in steering Principal's asset management
strategy, building out our multi-boutique approach across a range of
asset classes, and extending our reach to investment clients around the
world," said Houston. "We are grateful for his contributions and wish
him the best."

This new leadership structure reflects the organization's goals to
further integrate its asset management capabilities across the
enterprise, expand investment solutions, and provide the broadest
accessibility to clients around the world.

"This is the right time to reimagine how we structure our global asset
management business to recognize the enormous growth occurring in
developed and emerging markets, alike, and the opportunities for us to
expand our client base and evolve how we serve them," said Houston.

In Dunbar's new role, he will be responsible for strategy across the
Global Asset Management businesses, with a focus on broadening asset
management offerings around the world, and expanding Principal's client
base across markets, customer segments and distribution channels. He
will report to Houston. Dunbar's career at Principal has spanned more
than 30 years, having led strategy, mergers and acquisitions, pension
operations in global markets, and investment management teams.

Halter has been guiding the strategic direction and operations of
Principal Global Investors for the past two years, as part of a planned
leadership transition, and has served as chief executive officer of
Principal Real Estate Investors since 2003. He has been with Principal
for more than 30 years. Halter will report to Dunbar and join him in
serving on Principal's Executive Management Committee.

As Dunbar assumes new responsibilities, Chief Risk Officer Julia Lawler
is promoted to executive vice president, assuming responsibility for
global security, business continuity, corporate real estate and
aviation. These responsibilities are in addition to her management of
enterprise risk and internal audit.

About Tim Dunbar
Dunbar has served as chief investment
officer for Principal since 2013. He has held leadership positions in
commercial real estate, equities, mergers and acquisitions, strategy,
finance and human resources; he also oversaw pension and investment
operations in Mexico. Today, he serves on several of Principal's
investment committees, as well as U.S. and international joint ventures'
and wholly-owned entities' governance boards. Dunbar started with
Principal in 1986 in the investment division. He earned his bachelor's
degree from Iowa State University.

About Pat Halter
In 2016, Halter was named chief operating
officer of Principal Global Investors, responsible for oversight of
primary functions within the firm, including finance, operations, global
firm relations, human resources and technology, as well as many of the
investment boutiques. Today, he serves on the boards of the firm's 15
investment boutiques, the Principal Mutual Fund Board, and has board
responsibilities with various international ventures. Additionally, he
has led the real estate investment boutique since 2003, with
responsibility for overall strategy, business development and boutique
management. Halter joined Principal in 1984 in commercial real estate
and held various leadership positions within the real estate investment
business. Halter earned his bachelor's degree in finance and marketing,
and an MBA in finance from the University of Wisconsin.

About Julia Lawler
Lawler has served as chief risk officer
since January 2018. She previously acted as senior executive director of
Principal Portfolio Strategies, the asset allocation boutique within
Principal Global Investors. Lawler joined the company in 1984 in the
commercial real estate business and has held leadership positions
throughout Principal including chief investment officer and head of
capital markets. Lawler earned her bachelor's degree from the University
of Iowa.

About Principal®
Principal helps people
and companies around the world build, protect and advance their
financial well-being through retirement, insurance and asset management
solutions that fit their lives. Our employees are passionate about
helping clients of all income and portfolio sizes achieve their goals –
offering innovative ideas, investment expertise and real-life solutions
to make financial progress possible. To find out more, visit us at

Principal, Principal and symbol design and Principal Financial Group are
trademarks and service marks of Principal Financial Services, Inc., a
member of the Principal Financial Group.

1 As of June 30, 2018
2 As permitted and in
accordance with regulatory guidelines in the markets in which we operate.

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