Press release from Business Wire
Principal Global Investors Announces Retirement of Larry Post, High Yield Bond Pioneer
<p class='bwalignc'> <b>Post retires from Post Advisory Group, firm he founded in 1992</b> </p>
Wednesday, August 07, 2013
Principal Global Investors Announces Retirement of Larry Post, High Yield Bond Pioneer16:19 EDT Wednesday, August 07, 2013
DES MOINES, Iowa (Business Wire) -- Principal Global Investors, LLC, a leading global asset manager and a member of the Principal Financial Group® (NYSE:PFG), announces Larry Post's retirement as chief investment officer of Post Advisory Group, effective December 31, 2013.
“It is time for me to recognize the contribution of the next generation of talent at Post and give them more responsibility,” said Larry Post. “Performance in all of our products has been excellent. At year-end Jeremy Sagi and Henry Chyung will become Chief Investment Officers of their respective product lines, with Henry managing our traditional and high yield plus products and Jeremy managing our short duration products.”
Post plans to be involved with the firm in the role of Vice Chairman. He has 45 years of experience in the investment industry, including 38 years in the high yield bond market. He founded the high yield bond department at Smith Barney, and subsequently served as director of high yield research at Salomon Brothers and co-director of research and senior trader at Drexel Burnham Lambert.
He then founded Post Advisory Group in 1992 and has helped grow it to nearly $12 billion in assets, specializing in various duration high yield products and bank loans. Principal Global Investors acquired the firm in 2003 and currently retains a majority stake.
“After a long and distinguished investment career spanning more than four decades, we wish Larry the best in this next stage of his life and career,” said Jim McCaughan, CEO of Principal Global Investors, who will remain chairman of the board of Post Advisory. “Larry has been at the forefront of the high yield market since the 1970's, and is certainly one of its pioneers. We thank him for his contributions and congratulate him on a successful career.”
About Post Advisory Group
Post Advisory Group, LLC is a global investment manager specializing in high-yield securities with a multi-strategy, value-oriented investment approach. With approximately $11.8 billion in assets under management, Post, founded in 1992 by Larry Post, is a leading manager of high-yield fixed income.
About Principal Global Investors
Principal Global Investors is a diversified asset management organization and a member of the Principal Financial Group®, with expertise in equities, fixed income and real estate investments, as well as specialized overlay and advisory services. Principal Global Investors manages $289.1 billion in assets1 primarily for retirement plans and other institutional clients2.
About the Principal Financial Group
The Principal Financial Group® (The Principal®)3 is a global investment management leader offering retirement services, insurance solutions and asset management. The Principal offers businesses, individuals and institutional clients a wide range of financial products and services, including retirement, asset management and insurance through its diverse family of financial services companies. Founded in 1879 and a member of the FORTUNE 500®, the Principal Financial Group has $450.6 billion in assets under management4 and serves some 19.8 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
1 As of June 30, 2013.
2 Principal Global Investors is the asset management arm of the Principal Financial Group ® (The Principal ®)3 and includes the asset management operations of the following subsidiaries of The Principal: Principal Global Investors, LLC; Principal Real Estate Investors, LLC; Principal Enterprise Capital, LLC; Spectrum Asset Management, Inc.; Post Advisory Group, LLC; Columbus Circle Investors; Edge Asset Management, Inc.; Morley Financial Services Inc.; Finisterre Capital, LLP; Origin Asset Management LLP; Principal Global Investors (Europe) Limited; Principal Global Investors (Singapore) Ltd.; Principal Global Investors (Australia) Ltd.; Principal Global Investors (Japan) Ltd.; Principal Global Investors (Hong Kong) Ltd.; CIMB-Principal Islamic Asset Management Sdn. Bhd.; and the majority owned affiliates of Principal International, Inc. Assets under management includes; assets managed by investment professionals of Principal Global Investors under dual employee arrangements with other subsidiaries of The Principal and assets managed in accordance with investment advice provided by Principal Global Investors through the delivery of a model.
3 “The Principal Financial Group” and “The Principal” are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
4 As of June 30, 2013.
Principal Financial Group
Adam Lackey, 515-362-0482