State Street Expands Partnership with Principal

State Street Corporation has been selected by Principal Financial Group, a global financial services company specializing in retirement solutions, asset management and insurance, to provide custody, fund accounting and administration services for Principal Funds.

Under the expanded mandate, Principal will leverage State Street’s integrated investment servicing platform and global operating scale to support the evolution of its mutual fund business. The appointment reflects the focus of Principal on aligning operating strategy with scalable infrastructure as it continues to broaden its investment offerings.

The mandate builds on a relationship between State Street and Principal that spans more than a decade, during which State Street has supported Principal across a range of investment vehicles, including exchange-traded funds (ETFs) and collective investment trusts (CITs), as the firm has grown and diversified its product suite.

“Principal has a strong track record of innovation and client focus, and we are pleased to expand our relationship in support of their next phase of growth,” said Joerg Ambrosius, president of Investment Services at State Street. “By bringing together our global scale, deep expertise and integrated servicing capabilities, we are well positioned to enhance operational efficiency and support of Principal and the continued evolution of their investment products.”

“Partnering with State Street gives us access to a scalable operational structure and speed to market as we continue to transform our U.S. wealth and retirement business,” said Kamal Bhatia, president and CEO, Principal Asset Management. “This transition reflects our focus on strategic partnering and outsourcing that accelerates our business for long‑term profitable growth.”