State Street Expands Investment Servicing Relationship with Principal Financial Group®

Key Terms

exchange-traded funds (etfs) financial

Exchange-traded funds (ETFs) are investment funds that pool money from many investors to buy a diverse mix of stocks, bonds, or other assets, all managed as a single package. They are traded on stock exchanges like individual stocks, allowing investors to buy or sell shares easily throughout the trading day. ETFs offer a simple way to diversify investments and access different markets or sectors without needing to buy many individual assets.

collective investment trusts (cits) financial

Collective investment trusts are pooled investment vehicles run by banks or trust companies to hold and manage money for multiple retirement plans; think of them as a shared shopping cart where several plans combine funds to buy investments together. They matter to investors because they often deliver lower fees and access to strategies not available in public mutual funds, but they have less public reporting and are generally limited to qualified retirement accounts, affecting transparency and who can use them.

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• Long-standing partnership deepens as Principal^® aligns operating strategy for mutual funds with scalable infrastructure

BOSTON--(BUSINESS WIRE)-- State Street Corporation (NYSE: STT) today announced that it has been selected by Principal Financial Group^®, a global financial services company specializing in retirement solutions, asset management and insurance, to provide custody, fund accounting and administration services for Principal Funds.

Under the expanded mandate, Principal^® will leverage State Street’s integrated investment servicing platform and global operating scale to support the continued evolution of its mutual fund business. The appointment reflects the focus of Principal on aligning operating strategy with scalable infrastructure as it continues to broaden its investment offerings.

The mandate builds on a relationship between State Street and Principal that spans more than a decade, during which State Street has supported Principal across a range of investment vehicles, including exchange-traded funds (ETFs) and collective investment trusts (CITs), as the firm has grown and diversified its product suite.

“Principal has a strong track record of innovation and client focus, and we are pleased to expand our relationship in support of their next phase of growth,” said Joerg Ambrosius, president of Investment Services at State Street. “By bringing together our global scale, deep expertise and integrated servicing capabilities, we are well positioned to enhance operational efficiency and support of Principal and the continued evolution of their investment products.”

This engagement reinforces State Street’s position as a leading provider of integrated investment servicing solutions and underscores the firm’s ability to execute complex client conversions at scale, while maintaining continuity, resilience and high‑quality service.

“Partnering with State Street gives us access to a scalable operational structure and speed to market as we continue to transform our U.S. wealth and retirement business,” said Kamal Bhatia, president & CEO, Principal Asset Management.^® “This transition reflects our focus on strategic partnering and outsourcing that accelerates our business for long‑term profitable growth.”

About State Street Corporation

State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With US$54.5 trillion in assets under custody and/or administration and US$5.6 trillion* in assets under management as of March 31, 2026, State Street operates globally in more than 100 geographic markets and employs approximately 51,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

*Assets under management as of March 31, 2026 includes approximately US$184 billion of assets with respect to SPDR^® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Investment Management are affiliated.

About Principal Asset Management^®

With public and private market capabilities across all asset classes, Principal Asset Management and its investment specialists look at asset management through a different lens, creating solutions to help deliver client investment objectives. By applying local insights with global perspectives, Principal Asset Management identifies distinct and compelling investment opportunities for more than 1,100 institutional clients in over 80 markets.¹ Principal Asset Management is the global investment solutions business for Principal Financial Group^® (Nasdaq: PFG), managing $593.9 billion in assets and recognized as a “Best Places to Work in Money Management”² for 14 consecutive years.
Learn more at www.PrincipalAM.com

[1] As of December 31, 2025
[2] Pensions & Investments, “The Best Places to Work in Money Management”, among companies with 1,000 or more employees, December 2025.

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© 2026 State Street Corporation

View source version on businesswire.com: https://www.businesswire.com/news/home/20260604624466/en/

Media Contact:
Brendan Paul
Bpaul2@statestreet.com
1-401-644-9182

Source: State Street Corporation