Principal deepens its commitment to helping Southeast Asians achieve lifetime goals with rebranding of asset management operations
Bangkok, 17 June 2019 – Principal Financial Group (“Principal”) announced that it will rebrand its asset management operations in ASEAN, including Thailand, a joint-venture with CIMB Group (“CIMB”). In Thailand, the company formerly known as CIMB Principal Asset Management Co. Ltd will be named Principal Asset Management Co. Ltd.
Principal’s 15-year alliance with CIMB has emerged as one of ASEAN’s leading asset management firms with more than RM80 billion (608 billion Thai Baht) in assets under management across the region, as of 31 March 2019. In 2018, Principal increased its ownership in the partnership to 60 percent, with CIMB retaining 40 percent. Both parties continue to co-manage the businesses, building on the success of their alliance.
To reinforce their ongoing partnership, the company will be marketed as Principal in alliance with CIMB, as they unite their regional businesses under a global vision of making financial progress a reality for clients of all income and portfolio sizes. Principal and CIMB marked the announcement with a launch event in Bangkok today. Principal launched its regional rebranding exercise on 25 April in Kuala Lumpur, followed by its launch in Jakarta on 3 May.
“Helping clients achieve their lifetime financial goals is at the heart of what Principal stands for. A focus that has not changed since our very beginning 140 years ago,” said Thomas Cheong, President, Principal Asia. “Now, we are reinforcing our global commitment to our Asian markets to help our customers save, plan and invest for their financial security through our retirement and long-term savings franchise.”
“Though we are partners from different roots and even histories, both CIMB and Principal are committed to the core mission of meeting our customers at every stage of their life, as we help them go forward on the path to greater financial independence and security,” said Adisorn Sermchaiwong, Acting President and Chief Executive Officer of CIMB Thai Bank PCL. “Our customer-centric collaboration model will continue to flow into more specialised, innovative and differentiated investment solutions that cater to the long-term needs of Thai retail and institutional investors.”
“CIMB helped establish our local presence, and now with Principal taking on the role of primary shareholder, we’re able to bring additional global perspectives and asset management capabilities into the region,” said Juan Ignacio Eyzaguirre, CEO, Principal Asset Management –ASEAN. “With the combination of scale, investment expertise, and deep regional relationships, we are optimistic of solidifying our position as an ASEAN market leader in the asset management and retirement industry of the region.”
“With Principal’s greater prominence in Thailand, we are able to enhance our wealth management capabilities to empower customers with the right advise and tools they need to transform their financial lives,” said Jumpon Saimala, CEO of Principal Asset Management Co. Ltd. in Thailand. “We are especially excited to integrate digital capabilities across our products and services, which will enable us to transform the client experience, improve our investment insights, and offer accessible asset allocation options to a wider customer base.”
As part of the transition to Principal:
• Existing and new investment products and strategies will be aligned with Principal’s global mission and objectives while the company continues to focus on capturing new and exciting growth opportunities throughout the region.
• Principal will continue leveraging its strong local asset management leadership teams in ASEAN led by Jumpon Saimala as CEO of Principal in Thailand; Agung Budiono as CEO of Principal in Indonesia; Munirah Khairuddin as CEO of Principal in Malaysia and Dato’ Paduka Syed Mashafuddin Syed Badarudin as CEO of Principal Islamic; and Christopher Liew as CEO & Chief Investment Officer (CIO) of Principal in Singapore.
Principal is a Fortune 500 global financial services group that offers retirement, insurance, and asset management solutions to more than 24 million customers in more than 80 countries. The group’s mission in Asia and other emerging markets worldwide is to help businesses and people gain financial security and independence to achieve their lifetime financial goals and advance their financial futures.
Visit https://www.principal.th for more information about Principal and the rebranding of its asset management operations in Thailand.