The Principal Financial Group Inc. today announced it has completed the acquisition of AXA’s pension business in Hong Kong. Principal in November 2014 said it had a definitive agreement to acquire AXA’s Mandatory Provident Fund (MPF) and Occupational Retirement Schemes Ordinance (ORSO) business in Hong Kong. The deal includes an exclusive 15-year distribution agreement to provide pension products through AXA’s extensive agency network in Hong Kong. With this acquisition, Principal becomes the fifth-largest MPF provider in the market, increasing assets under management of its Hong Kong pension business to more than $6 billion. “This acquisition further strengthens our position in one of the most attractive emerging retirement and long-term savings markets in the world,” said Dan Houston, Principal’s president and CEO.