Principal has appointed Tim Stumpff as the chief executive of Principal Global Investors in Europe.
He succeeds Nick Lyster who has assumed the newly created role of global head of wealth advisory services.
Stumpff joined Principal Financial Group in 2003 and has worked in various leadership roles, first leading the corporate capital markets group and later as part of the senior management of its healthcare business. He then served as president of Morley Financial Services and most recently as president of Liongate Capital Management.
In his new role, Lyster will be responsible for delivering Principal’s investment capabilities to global wealth management firms, with a focus on the firm’s Dublin-domiciled UCITS range of funds. Lyster had been CEO of Principal in Europe for 10 years, from 2006 to 2016, and was jointly responsible for opening Principal’s London office in 1999. He will continue to be based in London.
Jim McCaughan, CEO of Principal, says: “Nick has made an exceptional contribution to Principal over the past decade. Under his leadership the European business has grown to over GBP13 billion. Nick is expertly placed to drive our expansion in the global wealth market.
“I am delighted that Tim will lead the next phase of our European growth. He will be able to deploy his knowledge of the European asset management industry and extensive experience at Principal to provide the best possible outcomes for our investors.”
Lyster says: “Running Principal’s European business for the past ten years has been a privilege, but it is time to take on a new challenge. We have seen a significant increase in demand for our funds and our sub-advisory services in the past year from wealth managers requiring the adaptability that our multi-boutique model provides. I am confident that this demand will continue to grow and look forward to leading Principal’s expansion in this market.”
Stumpff says: “It will be an honour to lead Principal’s European business. I believe that our multi-boutique model is ideally placed to navigate today’s dynamic markets and to meet the evolving investment objectives of our clients. I look forward to working with Principal’s talented teams to build on the success of the past decade.”