Pat Halter to retire after 40 years with the
company
Principal Financial Group® (Nasdaq: PFG) today announced Kamal
Bhatia, global head of investments and president of Principal®
Funds and chairman of Principal Funds Board, will be the incoming
president and chief executive officer of Principal Asset
ManagementSM, effective February 10, 2024. Bhatia succeeds Pat
Halter, who will retire after 40 years with the company on April 2,
2024. During this transition period, Halter will assume the interim
role of division president.
Bhatia will be responsible for strategy, investment performance,
and client growth for the global investment unit and the company’s
$651 billion1 of assets under management (AUM), including the
general account. He will lead the continued expansion of the firm’s
global and local offerings with a focus on specialty public and
private investment capabilities, multi-asset products, and
retirement solutions to meet the needs of its institutional,
wealth, and retirement clients.
“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. “We bring to bear our talent,
expertise, and experience to deliver investment solutions and
performance coupled with deep client understanding. 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 joined Principal in 2019 as president and CEO of
Principal Funds before becoming chief operating officer for the
asset management business in 2020 and global head of investments in
2023. Prior to joining the company, Bhatia held several senior
management positions in the industry, including CEO and chairman of
the board for OC Private Capital, a joint venture between
OppenheimerFunds and the Carlyle Group, focused on private credit.
He’s also held senior roles at OppenheimerFunds, TIAA-CREF Asset
Management, Mellon Asset Management, and Citigroup.
Halter is retiring from Principal after 40 years with the
company. As president, he’s guided the firm through significant
growth, including the further diversification of its active,
specialty investment capabilities into private markets and new
geographies. Most recently, Halter led the integration of the
company’s asset management and international pension businesses to
better deliver local and global investment expertise to its clients
across the globe. Throughout his tenure, Principal Asset Management
has been continuously recognized by Pensions & Investments as a
“Best Place to Work in Money Management.” Halter joined Principal
in commercial real estate and previously served as CEO of Principal
Real Estate Investors and chief operating officer of the firm.
“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,” said
Houston. “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 manager2 it is today.
We’re grateful for his steady hand and deep commitment to our
clients and to building a best-in-class culture within our asset
management organization.”
About Kamal Bhatia
Kamal Bhatia is senior executive managing director and global
head of investments for Principal Asset ManagementSM, the global
investment management business of Principal Financial Group®.
Bhatia has overall responsibility for the firm’s global investment
organization, including the Principal® general account and
investment subsidiaries. Bhatia also serves as president of
Principal Funds and chair of the Principal Funds board. Bhatia
previously held the position of chief operating officer for
Principal Asset Management.
Prior to joining Principal, Bhatia was CEO at OC Private
Capital, a joint venture company between OppenheimerFunds and the
Carlyle Group, where he focused on private credit investing. He is
an industry veteran bringing significant experience in investment
solutions, business strategy, client engagement, and product
development across multiple global asset managers. Bhatia has
worked at OppenheimerFunds, TIAA, Mellon Asset Management, and
Citigroup in various leadership roles.
Bhatia is a CFA® charterholder and earned his bachelor’s from
IIT, Kanpur (India) and master’s from Washington University in St.
Louis. He served on boards in the U.S. and Europe.
About Pat Halter
Patrick (Pat) Halter has been the president and CEO of Asset
Management for Principal Financial Group® since 2018. He joined the
company in 1984 in commercial real estate and held several roles
within Principal Real Estate Investors before serving as its chief
executive officer from 2003 to 2018. In 2016, he was named Chief
Operating Officer of Principal Global Investors and CEO and
President in 2018.
Today, Halter serves on the Principal Mutual Fund Board and has
board responsibilities with various international ventures. He
serves on the Board of Governors of the Investment Company
Institute and served on the board of the Graaskamp Center for Real
Estate at the University of Wisconsin. Halter earned his bachelor’s
degree in finance and marketing, and an MBA in finance, from the
University of Wisconsin.
About Principal Financial Group®
Principal Financial Group® (Nasdaq: PFG) is a global financial
company with 19,500 employees1 passionate about improving the
wealth and well-being of people and businesses. In business for
more than 140 years, we’re helping more than 61 million customers1
plan, protect, invest, and retire, while working to support the
communities where we do business, and build a diverse, inclusive
workforce. Principal® is proud to be recognized as one of the 2023
World’s Most Ethical Companies® by Ethisphere3, a member of the
Bloomberg Gender Equality Index, and a “Best Places to Work in
Money Management4.” Learn more about Principal and our commitment
to building a better future at principal.com.
1 As of September 30, 2023 2 For the top 10 rating: Managers
ranked by total worldwide real estate assets (net of leverage,
including contributions committed or received, but not yet
invested; REOCs are included with equity; REIT securities are
excluded), as of 30 June 2022. “The Largest Real Estate Investment
Managers,” Pensions & Investments, 3 October 2022. 3
Ethisphere, 2023 4 Pensions & Investments, 2023
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version on businesswire.com: https://www.businesswire.com/news/home/20240111284472/en/
Media Contact: Teresa Thoensen, 515-878-0800,
thoensen.teresa@principal.com Investor Contact: Humphrey Lee,
877-909-1105, lee.humphrey@principal.com
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