Asa Norrie was named regional CEO and head of distribution for Principal Global Investors' European money management business.
Ms. Norrie's appointment follows the retirements of Timothy Stumpff, CEO of Principal Global Investors Europe, and Nick Lyster, international head of wealth advisory services. Mr. Lyster's role was in part a distribution one. Ms. Norrie oversees distribution for the wealth and institutional businesses. The CEO position is subject to regulatory approval.
Based in London, Ms. Norrie is also responsible for the European business at the $544.9 billion manager and client strategic efforts for the region.
"Principal has developed its asset management business successfully in the U.K. and Europe and remains focused on growing its client base in the region, said Kirk West, Principal’s executive director, international business and clients, in a news release. "We continue to expand our investment capabilities and the broader continent remains a center for top wealth management and pension clients. Asa's strong knowledge of all investor types and channels will allow us to deepen our roots while strategically expanding our relationships."
Ms. Norrie was head of global strategic alliances at Aberdeen Standard Investments, the news release said. A spokeswoman said the role was absorbed by the wider team.