Principal Global Investors has appointed Celestine Khoo to drive its institutional business in the region. She was formerly head of external fund management at Singapore's central bank.
The US asset manager is planning to apply for a wholly foreign-owned enterprise in China by the end of 2015, AsianInvestor is told. And the firm is looking to hire a Southeast Asia CEO and a distribution chief.
The US fund house has applied for a renminbi qualified foreign institutional investor licence and is talking up its parent's China joint venture, despite difficulties encountered by other mainland JVs.
Principal Global Investors has been meeting distributors to discuss them selling its funds in mainland China, having made several recent senior appointments.
Principal Global Investors is boosting its Asia sales team with an eye on China's RQFII programme and the mutual recognition programme between Hong Kong and the mainland.
More than half of global pension funds are forecast to be invested in real assets by the end of this year. Asians are leading the charge into real estate, finds Principal Global Investors.