Principal Financial Group and CIMB Group Holdings Berhad have extended their partnership agreement after more than 17 years in a joint venture arrangement.
Both partnered to bring investment solutions to the region through a joint-venture arrangement, Principal Asset Management Berhad which has establishments in Malaysia, Thailand, Indonesia, and Singapore. In the last 10 years, Principal has doubled its AUM in the region to RM88.4 billion as of October 2022.
“Across our international businesses at Principal, we’ve found the value of having strong partnerships not only to accelerate growth, but to better ground ourselves to the needs of our customers in each individual market. Together with CIMB, we have grown our customer base from 400,000 to over 3 million in the last four years,” said Thomas Cheong, president, Principal Asia.
“Over the years, we have delivered strong growth and enabled our joint venture, Principal Southeast Asia, to be viewed as a leader in asset management within the region, particularly in Malaysia. We believe the collaboration will continue to complement CIMB’s proposition in offering best-in-class investment-related services, especially to our affluent segment, aligned with our Forward23+ strategic plan,” said Dato’ Abdul Rahman Ahmad, group chief executive officer, CIMB.
Principal Asset Management offers differentiating asset management expertise by leveraging local and global perspectives to bring fresh insights to customers.
- Offering global investment capabilities such as real estate, specialty fixed income, preferred securities, China onshore, and more to institutional, corporate, and high net-worth customers. Serving as one of the leading Islamic asset managers in the world with AUM of RM27.6 billion as of October 2022.
- Among its successes include the launching of multiple funds investing in the Asia-Pacific region, establishing Principal to be seen as a leader in Asia-Pacific strategies. Nearly 3 million Malaysians have started saving and investing through digital solutions offered in partnership with Touch ‘n Go Digital. Offering more offshore Islamic investment opportunities to Indonesians via a strategic partnership with CIMB Niaga.
And the first to market in both Thailand and Malaysia offering target date funds to more individuals with end-to-end retirement solutions.
