Patrick Halter was named president of Principal Financial Group's global asset management business.
He will replace Timothy M. Dunbar, who will retire at the end of the year, confirmed Principal spokeswoman Teresa Thoensen.
Mr. Dunbar took on the role in 2018 when Principal realigned its asset management business to combine its four investment businesses: Principal Global Investors, Principal International, the firm's general account and RobustWealth, a digital investment advice provider.
Mr. Halter, who will take on the title Nov. 7 and move into the role upon Mr. Dunbar's departure, is currently president and CEO of Principal Global Investors. He will continue as CEO, the news release said.
Also, the news release announced Kamal Bhatia, president of Principal Funds, will be promoted to chief operating officer of Principal Global Investors, also effective Nov. 7. Mr. Bhatia will remain president of Principal Funds as well, Ms. Thoensen said.
Principal Financial Group's global asset management business has a total of $701.8 billion in assets under management, of which Principal Global Investors manages $450.1 million.