Timothy Hill was named senior executive managing director and head of the U.S. and Europe client group at Principal Asset Management, spokeswoman Teresa Thoensen said in an email.
It is a new position. He reports to Patrick Halter, president of Principal Asset Management. Mr. Hill was executive director – U.S. client group.
The move is part of parent company Principal Financial Group's efforts to integrate Principal Asset Management and Principal International, its international pension business, into a single business unit known as Principal Asset Management.
As part of the creation of the single business unit, Principal Asset Management will be segmented into private market, public markets and multiasset investments.
Under the new leadership structure, Todd Everett, CEO, Principal Real Estate Investors, was named global head of private markets, and David Blake, senior executive director – global head and chief investment officer, Principal Global Fixed Income, was named global head of public markets. Ms. Thoensen said their responsibilities will evolve over time.
Multiasset investments will continue to be led by Todd Jablonski, chief investment officer and head of asset allocation.
Principal Asset Management had $501.5 billion in assets under management as of Dec. 31.
