Stumpff replaces Nick Lyster, who has assumed the newly created role of global head of wealth advisory services. He joined Principal Financial Group in 2003 and has worked in various leadership roles, first leading the corporate capital markets group and later as part of the senior management of its healthcare business.
Lyster, who will continue to be based in London, will focus on the firm’s Dublin-domiciled UCITS range of funds. He had been CEO of Principal in Europe for ten years, from 2006 to 2016, and was jointly responsible for opening Principal’s London office in 1999.
“It will be an honour to lead Principal’s European business," said Stumpff. "I believe that our multi-boutique model is ideally placed to navigate today’s dynamic markets and to meet the evolving investment objectives of our clients. I look forward to working with Principal’s talented teams to build on the success of the past decade.”
“Nick has made an exceptional contribution to Principal over the past decade," said CEO Jim McCaughan. "Under his leadership the European business has grown to over £13bn. Nick is expertly placed to drive our expansion in the global wealth market.”
Lyster commented: “Running Principal’s European business for the past ten years has been a privilege, but it is time to take on a new challenge. We have seen a significant increase in demand for our funds and our sub-advisory services in the past year from wealth managers requiring the adaptability that our multi-boutique model provides. I am confident that this demand will continue to grow and look forward to leading Principal’s expansion in this market.”