01—Abstract
Summary
Summary of the 8-K filed April 17, 2024. Cited figures are marked; the original filing is the authoritative source.
Principal Financial Group, Inc. filed this Form 8-K under Item 7.01 (Regulation FD Disclosure) on April 17, 2024 to disclose its assets under management (AUM) by asset manager ahead of its quarterly earnings release.
As of March 31, 2024, total AUM for Principal Financial Group was $708.5 billiona, of which $513.5 billion was managed by Principal Global Investors and $178.7 billion was reported by Principal International. Principal International's figures are translated to U.S. dollars at end-of-period spot exchange rates. The filing also notes the company's exposure to small and mid-cap products within U.S. equity AUM and to high yield and preferred securities within fixed income AUM, which the company highlights as relevant during periods of market dislocation and wider return dispersion.
Separately, the company reports Principal Asset Management AUM, a marketing measure defined as AUM for Principal Global Investors and Principal International excluding entities where the company is a minority owner and assets restricted by regulatory requirements. That figure was $554.4 billionb as of March 31, 2024, and the filing states it is not intended for modeling purposes. The filing states that the same AUM-by-asset-manager breakdown will appear in the company's financial supplement for the quarter ended March 31, 2024, expected to be posted to its investor relations website on or about April 25, 2024.
02—Key points
Key Highlights
- Total AUM of $708.5 billion as of March 31, 2024
- Principal Global Investors manages $513.5 billion of AUM
- Principal International reports $178.7 billion of AUM, translated to U.S. dollars at end-of-period spot rates
- Principal Asset Management AUM (marketing measure) was $554.4 billion as of March 31, 2024
- Filing discloses AUM ahead of the quarterly earnings release as Regulation FD disclosure
- Company highlights exposure to small and mid-cap U.S. equity and high yield and preferred fixed income products
- Financial supplement with the same AUM breakdown expected on or about April 25, 2024
03—Questions
Frequently Asked Questions
What was Principal Financial Group's total assets under management as of March 31, 2024?
The filing states total AUM was $708.5 billion, comprising $513.5 billion managed by Principal Global Investors and $178.7 billion reported by Principal International.
How is Principal International's AUM measured?
Principal International's reported AUM is translated to U.S. dollar equivalents using end-of-reporting-period spot foreign exchange rates.
What is Principal Asset Management AUM and how should it be used?
It is a marketing measure defined as AUM for Principal Global Investors and Principal International, excluding entities where the company is a minority owner and assets not allowed to be included due to regulatory requirements. It was $554.4 billion as of March 31, 2024, and the filing states it is not intended for modeling purposes.
Why does the company highlight small and mid-cap and high yield exposures?
The filing says that during periods of market dislocation and wider dispersion of returns, it is important to note its exposure to small and mid-cap products in U.S. equity AUM and to high yield and preferred securities in fixed income AUM.
When will more detailed AUM information be available?
The filing states the AUM breakdown by asset manager will be presented again in the company's financial supplement for the quarter ended March 31, 2024, which is expected to be posted to its investor relations website on or about April 25, 2024.
04—Continue