By The Nation
In Thailand, the company formerly known as CIMB Principal Asset Management will be renamed Principal Asset Management.
US-based Principal Financial Group’s 15-year alliance with Malaysia’s CIMB has emerged as one of Asean’s leading asset-management firms with more than 80 billion ringgit (Bt600 billion) in assets under management across Southeast Asia, as of April 30.
Last year, Principal increased its ownership in the partnership to 60 per cent, with CIMB retaining 40 per cent.
Both parties continue to co-manage the businesses, building on the success of their alliance.
To reinforce their ongoing partnership, the company will now 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 Bangkok on Monday. Principal launched its regional rebranding exercise on April 25 in Kuala Lumpur, followed by a launch in Jakarta on May 3.
“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 of 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,” he added.
“Though we are partners from different roots, and even histories, both CIMB and Principal are committed to the core mission of meeting our customers at every stage of their life, as we help them go forward on the path to greater financial independence and security," said Adisorn Sermchaiwong, acting president and chief executive officer of CIMB Thai Bank.
“With Principal’s greater prominence in Thailand, we are able to enhance our wealth-management capabilities to empower customers with the right advice and tools they need to transform their financial lives,” said Jumpon Saimala, CEO of Principal Asset Management in Thailand.
“We are especially excited to integrate digital capabilities across our products and services, which will enable us to transform the client experience, improve our investment insights, and offer accessible asset allocation options to a wider customer base,” the chief executive added.