The global financial organization has made a series of C-suite changes across its business groups.

US-based Principal Financial Group has promoted Pat Halter, chief executive officer and president of Principal Global Investors, to be president of Principal Global Asset Management. In this role, he will be responsible for strategy across the total company’s $701.8 billion of assets under management.

Halter will continue to serve as CEO for Principal Global Investors, which manages $450.1 billion in assets in more than 80 countries. Leadership changes follow the decision of Tim Dunbar, president, Principal Global Asset Management, to retire at the end of the year, after serving 34 years with the company.

Kamal Bhatia, president of Principal Funds, has been promoted to chief operating officer for Principal Global Investors. 

Halter and Bhatia will assume their new responsibilities in early November and fully transition after Dunbar departs.

In Halter’s new role, he will be responsible for strategy and supporting investment process services across the global asset management businesses. He will report to Houston. 

Halter’s career at Principal has spanned more than 36 years.

Bhatia will oversee investment teams covering global equities and multi-asset strategies, product platforms, global advisory along with US and International distribution. As chief operating officer he will focus on expanding investment offerings, continuing to bring differentiated investment solutions to market and meet the needs of Principal customers. He will continue to serve as the president of Principal Funds, and will report to Halter.