Principal Global Investors has appointed Tim Stumpff as European chief executive to take over from Nick Lyster.
Stumpff (pictured) joined Principal Financial Group in 2003 and has worked in various leadership roles since, including heading the firm’s corporate capital markets group.
Lyster, who was European chief executive for ten years, moves to a newly created role as global head of wealth advisory services. He will be responsible for delivering investment capabilities to global wealth managers, focusing on the firm’s Dublin-domiciled Ucits funds.
Lyster said current market conditions had created significant demand for the firm’s multi-boutique services, with the company’s funds and sub-advisory services attracting clients.
Principal’s European business has assets under management of £13 billion (€15 billion). The global business, which is part of US Principal Financial Group, has $402 billion (€359.5 billion) in assets under management.
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