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The Principal Financial Group Partners with CIMB Group for Islamic Asset Management

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Points of Essence:

  • The Principal Financial Group(R) and CIMB Group have jointly set up CIMB-Principal Islamic Asset Management Sdn Bhd to offer total solutions and create value in Islamic asset management.
  • CIMB Principal is a global Islamic asset management company that will operate from the Malaysia International Islamic Financial Centre (MIFC). It will manage and distribute Islamic institutional mandates and unit trust funds in Asia, Europe, the Americas and the Middle East.

Last update: 6:02 p.m. EDT July 16, 2008

DES MOINES, Iowa, Jul 16, 2008 (BUSINESS WIRE) — The Principal Financial Group(R) and CIMB Group today launched CIMB-Principal Islamic Asset Management Sdn Bhd, their signature global Islamic asset management company that will operate from the Malaysia International Islamic Financial Centre (MIFC). CIMB-Principal Islamic will offer total solutions and create value in Islamic asset management by combining CIMB Group’s leading knowledge and expertise in Islamic finance with the 129-year track record of The Principal(R) in a wide range of financial products and services, including global funds management and retirement services. The Principal has global assets under management of over $300 billion as of March 31, 2008. The company is jointly owned by CIMB Group and The Principal. It will manage and distribute Islamic institutional mandates and unit trust funds in Asia, Europe, the Americas and the Middle East. CIMB Group is the largest investment bank in Southeast Asia and the second largest retail bank in Malaysia. “This is very positive news for our shareholders and clients,” said Larry Zimpleman, president and CEO of the Principal Financial Group. “Our expanded mutual commitment augurs well for both our businesses as the Shariah-compliant market shows tremendous growth possibilities. CIMB Group is a recognized pioneer in the Islamic financial markets, with unrivalled Shariah-compliant advisory and capital markets experience. With the emergence of a rising middle class in developing markets and subsequent need for retirement planning, we believe our partnership with CIMB Group will enable us to address key markets for both conventional and Shariah-compliant products and services, particularly in Southeast Asia and the Middle East.” “We see this as a major opportunity to deepen our collaboration with our long-time partner in Malaysia to create the capacity to offer best-in-class Islamic investments to a worldwide base of customers with specific requirements,” said Jim McCaughan, president and CEO of Principal Global Investors. “CIMB Group has excellent Islamic finance credentials. Their unique insights on how to address the Islamic marketplace, combined with our expertise in international investments and global asset management, is a great partnership that will provide the finest in professional investment services to customers in a previously underserved market.” CIMB Group CEO Dato’ Sri Nazir said, “We are pleased that an international investment firm of the stature of The Principal has chosen to set up its singular global Islamic fund management arm with CIMB Group. The decision by The Principal to base its international Islamic asset management business in Malaysia also represents a strong endorsement of the country’s status as an international Islamic financial center.”

Source: marketwatch.com

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Written by Suapi Shaffaii

July 18, 2008 at 4:50 am

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