Principal Deepens Its Commitment to Helping Southeast Asians Achieve Lifetime Goals with Rebranding of ASEAN Asset Management Operations

Principal Deepens Its Commitment to Helping Southeast Asians Achieve Lifetime Goals with Rebranding of ASEAN Asset Management Operations

 

Jakarta, 3 May 2019 – Principal Financial Group (“Principal”) announced that it will rebrand its asset management operations in ASEAN, including Indonesia, a joint-venture with CIMB Group Holdings Berhad (“CIMB”). In Jakarta, the company formerly known as PT CIMB-Principal Asset Management will be named PT Principal Asset Management (“Principal”). Headquartered in Malaysia, Principal’s 15-year alliance with CIMB has emerged as one of ASEAN’s leading asset managers with more than RM80 billion (274 trillion rupiah) 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 Indonesia today, with a future one scheduled in Thailand in the upcoming weeks. Principal launched its regional rebranding exercise on 25 April in Kuala Lumpur.  “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 same core mission of meeting our customers at every stage of their life, as we help them ‘kejar mimpi’ (chase their dreams) on the path to greater financial independence and security,” said Tigor M. Siahaan, Country Head, Indonesia who is also serving as President Director of PT Bank CIMB Niaga Tbk. “Our customer-centric collaboration model will continue to flow into specialised, innovative and differentiated investment solutions that cater to the long-term needs of Indonesian 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 Indonesia, we are now more than just the typical investment house, as we go beyond wealth management to empower customers in transforming their financial lives,” said Agung Budiono, CEO of Principal Indonesia. “We are especially excited for the new products and developments planned in the pipeline for our customers in Indonesia, which will surely help them plant the right seeds now for a healthier financial future – not just for themselves, but for future generations as well.”   
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 leadership teams led by Agung Budiono as CEO of Principal in Indonesia; Munirah Khairuddin as CEO of Principal and Dato’ Paduka Syed Mashafuddin Syed Badarudin as CEO of Principal Islamic in Malaysia; Christopher Liew as CEO & Chief Investment Officer (CIO) of Principal in Singapore, and Jumpon Saimala as CEO of Principal in Thailand.

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 www.principal.co.id for more information about Principal and the rebranding of its asset management operations in Indonesia.