Principal Financial Group has promoted Pat Halter, currently chief executive officer and president of Principal Global Investors, to president of Principal Global Asset Management. In his new role, Halter will be responsible for strategy across the total company’s $701.8 billion of assets under management in its global asset management businesses, which include Principal Global Investors, Principal International investment operations, and the company’s general account. He will continue as the CEO for Principal Global Investors, which manages $450.1 billion in assets in more than 80 countries. His promotion follows the decision of Tim Dunbar, president, Principal Global Asset Management, to retire at the end of the year, after 34 years with the company. Kamal Bhatia, president of Principal Funds, is promoted to chief operating officer for Principal Global Investors. Halter and Bhatia will assume their new responsibilities on Nov. 7, and fully transition following Dunbar’s departure. Halter joined Principal in 1984 in commercial real estate and held various leadership positions within the real estate investment business. He has a bachelor’s degree in finance and marketing, and an MBA in finance from the University of Wisconsin. Bhatia joined Principal in August 2019 as president for Principal Funds. Before joining Principal, he was president at OC Private Capital, a joint venture company between Oppenheimer Funds and the Carlyle Group, focused on private credit investing.