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Long-standing partnership deepens as Principal® aligns operating strategy for mutual funds with scalable infrastructure
State Street Corporation announced that it has been selected by Principal Financial Group®, a global financial services company specializing in retirement solutions, asset management and insurance, to provide custody, fund accounting and administration services for Principal Funds.
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By bringing together our global scale, deep expertise and integrated servicing capabilities, we are well positioned to enhance operational efficiency and support of Principal and the continued evolution of their investment products. – Joerg Ambrosius
Under the expanded mandate, Principal® will leverage State Street’s integrated investment servicing platform and global operating scale to support the continued evolution of its mutual fund business. The appointment reflects the focus of Principal on aligning operating strategy with scalable infrastructure as it continues to broaden its investment offerings.
The mandate builds on a relationship between State Street and Principal that spans more than a decade, during which State Street has supported Principal across a range of investment vehicles, including exchange-traded funds (ETFs) and collective investment trusts (CITs), as the firm has grown and diversified its product suite.
“Principal has a strong track record of innovation and client focus, and we are pleased to expand our relationship in support of their next phase of growth,” said Joerg Ambrosius, president of Investment Services at State Street. “By bringing together our global scale, deep expertise and integrated servicing capabilities, we are well positioned to enhance operational efficiency and support of Principal and the continued evolution of their investment products.”
This engagement reinforces State Street’s position as a leading provider of integrated investment servicing solutions and underscores the firm’s ability to execute complex client conversions at scale, while maintaining continuity, resilience and high‑quality service.
“Partnering with State Street gives us access to a scalable operational structure and speed to market as we continue to transform our U.S. wealth and retirement business,” said Kamal Bhatia, president & CEO, Principal Asset Management.® “This transition reflects our focus on strategic partnering and outsourcing that accelerates our business for long‑term profitable growth.”
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