Business Context and Reporting Period
This Form 8-K filing by Principal Financial Group, Inc. is dated January 16, 2019. The report serves as a Regulation FD disclosure to provide Assets Under Management (AUM) data by asset manager prior to the release of the Company's quarterly earnings for the period ended December 31, 2018.
Key Financial Metrics
The filing discloses the following AUM figures as of December 31, 2018:
- Principal Global Investors: $393.5 billion
- Principal International and Other Entities: $155.9 billion
Note: "Other Entities" include Principal Life Insurance Company and Principal Bank. The filing does not provide data on revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes and Unusual Items
The Company confirmed the closure of the Macro Currency Group ("MCG") boutique, an exit from the actively managed currency market previously announced in the fourth quarter of 2018. As a result of this closure, Principal Global Investors (PGI) no longer manages $1.8 billion of assets related to MCG.
Guidance and Outlook
The filing states that the AUM amounts presented will be consistent with the format used in the Company's financial supplement for the quarter and year ended December 31, 2018. This supplement is scheduled to be posted to the investor relations website on or about January 29, 2019. No specific financial guidance or management commentary regarding future performance is included in this report.
Investor Verification Checklist
- Verify the total AUM figures in the upcoming financial supplement (expected January 29, 2019) to ensure consistency with this 8-K.
- Confirm the impact of the $1.8 billion MCG asset reduction on the full-year 2018 revenue and earnings reports.
- Review the detailed breakdown of "Principal International and Other Entities" in the full financial supplement.