The new CEO of the business will be succeeding a man who has been at the firm for four decades.

Principal Financial Group has made its global investments head, Kamal Bhatia, CEO of Principal Asset Management. Bhatia will also be president of PAM.

The appointment takes effect from February 10, Nasdaq-listed Principal said in a statement yesterday. Bhatia will be taking over from Pat Halter, who will retire after 40 years with the company on April 2, 2024. During this transition period, Halter will assume the interim role of division president.

The firm said Bhatia will lead expansion of its global and local offerings with a focus on specialty public and private investment capabilities, multi-asset products, and retirement solutions to meet the needs of its institutional, wealth, and retirement clients.

At Principal since 2019, Bhatia joined as president and CEO of Principal Funds before becoming chief operating officer for the asset management business in 2020 and global head of investments in 2023. Before this, he served in senior roles including CEO and chairman of the board for OC Private Capital, a joint venture between OppenheimerFunds and the Carlyle Group, focused on private credit. He has also held senior posts at OppenheimerFunds, TIAA-CREF Asset Management, Mellon Asset Management, and Citigroup.