Principal Financial Group, Inc. reported Kamal Bhatia, global head of investments and president of Principal Funds and chairman of Principal Funds Board, will be the incoming president and chief executive officer of Principal Asset Management, effective February 10. The company said that Bhatia succeeds Pat Halter, who will retire after 40 years with the company on April 2. During this transition period, Halter will assume the interim role of division president. Bhatia will be responsible for strategy, investment performance, and client growth for the global investment unit and the company's $651 billion of assets under management (AUM), including the general account.

He will lead the continued expansion of the firm's 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. Bhatia joined Principal in 2019 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. Prior to joining the company, Bhatia held several senior management positions in the industry, including CEO and chairman of the board for OC Private Capital, a joint venture between Oppenheimer Funds and the Carlyle Group, focused on private credit.

He's also held senior roles at Oppenheimer Funds, TIAA-CREF Asset Management, Mellon Asset Management, and Citigroup. Halter is retiring from Principal after 40 years with the company. As president, he's guided the firm through significant growth, including the further diversification of its active, specialty investment capabilities into private markets and new geographies.

Most recently, Halter led the integration of the company's asset management and international pension businesses to better deliver local and global investment expertise to its clients across the globe. Throughout his tenure, Principal Asset Management has been continuously recognized by Pensions & Investments as a "Best Place to Work in Money Management." Halter joined Principal in commercial real estate and previously served as CEO of Principal Real Estate Investors and chief operating officer of the firm.