Searches and Hires

Principal Funds adds RARE Infrastructure to pool managing Diversified Real Asset fund

Principal Funds, the $130 billion multimanager fund business of Principal Global Investors, hired RARE Infrastructure to manage a sleeve of its $4 billion Diversified Real Asset fund, said Jane Slusark, Principal spokeswoman, in an email.

RARE will join BlackRock (BLK), BNP Paribas Asset Management, Boston Co., Credit Suisse Asset Management, Macquarie Group, Pictet Asset Management, Principal Global Investors, Symphony Asset Management and Tortoise Capital Advisors in managing the fund's assets.

A news release from RARE Infrastructure said the strategy it will employ for its portion of the Principal fund will invest in listed infrastructure securities globally, with "a return bias towards income."