01—Abstract
Summary
Summary of the 8-K filed October 15, 2024. Cited figures are marked; the original filing is the authoritative source.
Principal Financial Group, Inc. (PFG) filed this Item 7.01 Regulation FD report on October 15, 2024 to disclose its assets under management (AUM) by asset manager ahead of its quarterly earnings release.
As of September 30, 2024, total AUM for Principal Financial Group was $740.6 billiona, of which $541.0 billion was managed by Principal Global Investors and $185.2 billion was reported by Principal International. The filing states that Principal Financial Group's market performance for the quarter ended September 30, 2024 was 5.4% as a percentage of beginning period AUM. The filing notes that Principal Global Investors' exposure includes small and mid-cap products in U.S. equity AUM and high yield and preferred securities in fixed income AUM, which the company highlights as relevant during periods of market dislocation and wider dispersion of returns.
Principal International's AUM is translated into U.S. dollars at end-of-period spot exchange rates. The company also reports Principal Asset Management AUM, a marketing measure that excludes assets of entities where it is a minority owner and assets not permitted to be included due to regulatory requirements, which was $585.6 billionb as of September 30, 2024.
The filing states this measure is not intended for modeling purposes. The company indicated that the AUM-by-asset-manager format will be repeated in its financial supplement for the quarter ended September 30, 2024, expected to be posted on or about October 25, 2024.
02—Key points
Key Highlights
- Total AUM of $740.6 billion as of September 30, 2024
- Principal Global Investors managed $541.0 billion of AUM
- Principal International reported $185.2 billion of AUM, translated at end-of-period spot exchange rates
- Market performance for the quarter ended September 30, 2024 was 5.4% as a percentage of beginning period AUM
- Principal Asset Management AUM for marketing purposes was $585.6 billion, not intended for modeling use
- Filing is a quarterly Regulation FD disclosure made before the quarterly earnings release
03—Questions
Frequently Asked Questions
What were Principal Financial Group's total assets under management as of September 30, 2024?
Total AUM was $740.6 billion, consisting of $541.0 billion managed by Principal Global Investors and $185.2 billion reported by Principal International.
How did Principal Financial Group's AUM perform in the quarter ended September 30, 2024?
The filing states market performance for the quarter was 5.4% as a percentage of beginning period AUM.
What is Principal Asset Management AUM and how does it differ from total AUM?
Principal Asset Management AUM is a marketing measure defined as AUM for Principal Global Investors and Principal International excluding assets of entities where the company is a minority owner and assets not permitted to be included due to regulatory requirements. It was $585.6 billion as of September 30, 2024, and the filing states it is not intended for modeling purposes.
How does Principal International translate its AUM into U.S. dollars?
Principal International's reported AUM is translated to U.S. dollar equivalents using end-of-reporting-period spot foreign exchange rates.
Where will more detailed AUM information be available?
The company states the AUM by asset manager format will be presented again in its financial supplement for the quarter ended September 30, 2024, which it expected to post to its investor relations website on or about October 25, 2024.
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