Principal names CEO for funds business

Kamal Bhatia was named president and CEO of Principal Global Investors’ funds business, Principal spokeswoman Teresa Thoensen said in an email.

Mr. Bhatia, in leading Principal Funds, is responsible for the platform covering U.S. mutual funds, European and Asian UCITS, and global exchange-traded funds. He replaces Mike Beer, who is retiring later this year and is assisting in the transition to Mr. Bhatia.

Mr. Bhatia previously was CEO and chairman of the board at OC Private Capital, a joint venture for high-net-worth investors and financial advisers between Carlyle Group and Oppenheimer Funds.