Welcome to our dedicated page for Principal Financial news (Ticker: PFG), a resource for investors and traders seeking the latest updates and insights on Principal Financial stock.
Principal Financial Group (PFG) delivers retirement solutions, asset management, and insurance services to global clients. This dedicated news hub provides investors and stakeholders with verified updates on PFG's financial performance, strategic partnerships, and market leadership.
Find authoritative coverage of earnings announcements, regulatory developments, and technology initiatives shaping PFG's retirement planning tools and institutional investment strategies. Track mergers, leadership updates, and product launches impacting the financial services sector.
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Principal Financial Group announced a definitive agreement to acquire Ascensus' employee stock ownership plan (ESOP) business. This acquisition will bring around 800 plans and over 165,000 participants to Principal's workplace savings and retirement solutions, solidifying its position as the top ESOP service provider in the U.S. The transaction, set to close by the end of Q2 2024, includes Ascensus' ESOP recordkeeping business, ESOP Economics consulting group, and Telescope™ software. Clients and employees will transition to Principal, benefiting from enhanced digital access, support tools, and audit process improvements. The acquisition aims to strengthen Principal's systems and capabilities, providing greater value and enhanced services to ESOP clients. The increased interest in ESOPs aligns with broader market trends, as the number of newly created ESOPs rose 39% from 2020 to 2021. Financial terms were not disclosed.
Principal Asset Management announced the launch of a new private infrastructure debt capability. This initiative aims to provide safety, stability, and enhanced returns for investors amidst constrained financing markets.
Mansi Patel, appointed as senior managing director and head of infrastructure debt, will lead the operations, growth, and strategy of this new venture. The new capability will invest in a diversified portfolio of private infrastructure debt focusing on globalization, decarbonization, and electrification.
This investment strategy promises higher risk premiums and lower default risk compared to public market sector equivalents. Patel will report to Todd Everett, global head of private markets at Principal Asset Management.
The Principal Financial Well-Being Index reveals businesses are poised for growth despite employee optimism lagging behind. The survey shows strong levels of growth and optimism among business owners and leaders, even in the face of high inflation. Businesses are looking to increase staff, invest in expansion, and upgrade infrastructure, signaling a positive economic outlook. However, employees are less positive about the economy, with only one-third feeling optimistic compared to two-thirds of employers.
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