Tim Stumpff was named CEO of Principal Global Investors in Europe.
Mr. Stumpff, based in London, succeeds Nick Lyster, who was appointed to a newly created role as global head of wealth advisory services at the firm.
Mr. Stumpff was most recently president of Liongate Capital Management, a hedge fund-of-funds manager that began a process of closing and returning money to investors last year. Principal Global Investors took a majority stake in Liongate in 2013.
“In light of economic headwinds, plus a thorough and detailed analysis of the business and its operations, in September 2015 Liongate started to windup its operations,” a spokeswoman for Principal said.
Mr. Lyster will be responsible for delivering Principal’s investment capabilities to global wealth management firms, with a focus on the firm’s Dublin-domiciled undertakings for collective investment in transferable securities range of funds, the firm said in a news release.
“Under (Mr. Lyster’s) leadership, the European business has grown to over £13 billion ($17 billion) and he is expertly placed to drive our expansion in the global wealth market,” said Jim McCaughan, CEO of Principal.
