Kamal Bhatia was named president and CEO of Principal Asset Management, succeeding Pat Halter, effective Feb. 10.
Halter will retire on April 2, after 40 years with the firm. He will assume an interim role as division president in the interim period, a news release said.
Bhatia will be responsible for strategy, investment performance and client growth for the global investment unit. The company has $651 billion in assets under management and is part of Principal Financial Group.
Bhatia will also lead the continued expansion of global and local offerings, focusing on specialty public and private investment capabilities, multiasset strategies and retirement solutions.
"Asset management is a core growth driver for Principal and the investment engine behind the company's global retirement and benefits and protection businesses," said Dan Houston, chair, president and CEO of Principal. "We bring to bear our talent, expertise, and experience to deliver investment solutions and performance coupled with deep client understanding. I'm confident in Kamal's ability to continue to drive this business forward to meet the growing demand for investment solutions around the world, while navigating volatile market environments and evolving client needs."
Bhatia is senior executive managing director and global head of investments at Principal Asset Management; president of Principal Funds, a platform covering U.S. mutual funds, European and Asian UCITS, and global exchange-traded funds; and is chair of the Principal Funds board. He joined Principal in 2019.
He will continue in his role as president of Principal Funds and chair of the board. Investment leaders will continue to report to Bhatia for the time being, a spokesperson said.
Halter most recently led the integration of Principal's asset management and international retirement businesses.
