Principal Financial Group® announced today that Rex Auyeung, chairman of Principal Asia, will be retiring in June 2017 after 23 years of service. Thomas Cheong, vice president of North Asia, and Pedro Borda, vice president of South Asia and India, will continue to lead business operations in the region.

“Rex has been one of our most important assets in Asia; helping to strengthen and expand our business relationships across the continent,” said Luis Valdes, president of Principal International. “While he will be greatly missed, I am confident our operations in Asia will continue to be strong thanks to the experienced leadership of Thomas Cheong over North Asia, and Pedro Borda over South Asia and India.”

Auyeung joined Principal in 1994. He has led Principal International operations in Asia, which includes Hong Kong, India, China and Southeast Asia. Under his direction, the region has grown to more than $120 billion AUM. Auyeung developed and strengthened relationships in the region through strategic joint venture partnerships, including CCB Principal Asset Management, Principal Pnb Asset Management in India, and CIMB-Principal Asset Management in Southeast Asia.

Following Auyeung’s retirement, Cheong and Borda will report directly to Valdes as they continue to lead North Asia and South Asia, respectively.

About Principal®

Principal helps people and companies around the world build, protect and advance their financial well-being through retirement, insurance and asset management solutions that fit their lives. Our employees are passionate about helping clients of all income and portfolio sizes achieve their goals – offering innovative ideas, investment expertise and real-life solutions to make financial progress possible. To find out more, visit us at principal.com.

Principal, Principal and symbol design and Principal Financial Group are trademarks and service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.