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Release: February 9, 2004
Contact:
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The Principal Financial Group® Ms. Tina Marchetti, 515-248-0065 Marchetti.tina@principal.com or Ms. Doris Shu, 852-2829-8869 shu.doris@principal.com |
Guoco Group Limited Ms. Stella Lo, 852-2283-8710 stella.lo@guoco.com |
(Des Moines, IA and Hong Kong) - The Principal Financial Group® ("The Principal®") (NYSE: PFG) and Guoco Group Limited ("Guoco") (HKEx Stock Code: 0053) today announced that Principal Asset Management Company (Asia) Limited has acquired Hong Kong-based Dao Heng Fund Management Limited ("DHFM") from Guoco for an undisclosed sum.
DHFM was a wholly owned subsidiary of Guoco. Incorporated in 1981, DHFM has continually provided a range of investment products and services for retail and institutional clients. In addition to pension fund management, which includes Mandatory Provident Fund ("MPF") and Occupational Retirement Schemes Ordinance ("ORSO") funds, DHFM manages mutual funds and institutional assets, and provides third party distribution for other asset management companies.
"Guoco has always sought to provide DHFM's customers with high quality service standards and dependable long term performance," said James Eng, Executive Director, Guoco. "As such, we felt that The Principal®, as a global leader in retirement and investment services, is especially well suited to serve the unique investment needs of its customers." Guoco is therefore confident that the investment requirements of DHFM's customers will continue to be well served by The Principal®.
"This transaction is an extraordinary opportunity for The Principal® to secure its position as one of the key players in Hong Kong's fast growing retirement market," said Norman R. Sorensen, President, Principal International, Inc. "The MPF system is the growth driver of the asset accumulation business in Hong Kong, with a projected compound annual growth rate of 25 percent. Total assets under management for the MPF system, which are estimated to be more than US$13 billion by year-end, are expected to double in the next four years."
"We look forward to fulfilling the record-keeping and trustee needs of small and medium-sized companies in Hong Kong, as well as managing their MPF and ORSO assets," said Rex Auyeung, Senior Vice President, Principal International, Inc.
The Principal® was first established in 1879 and has had a presence in Hong Kong since 1996. The Principal® in Hong Kong specializes in retirement scheme and employee benefit business, providing full services including trustee, administrative and investment management to employers and employees. Principal Asset Management (Asia) Limited, a wholly owned Hong Kong-based subsidiary of The Principal®, provides investment management services. Two additional Hong Kong-based subsidiaries of The Principal®, Principal Insurance Company (HK) Ltd and Principal Trust Company (Asia) Ltd., have provided record-keeping, custodian and trustee services, respectively, to DHFM for their MPF business since May 2003.
About The Principal Financial Group
The Principal Financial Group ("The PrincipalR")1 is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance and mortgage banking through its diverse family of financial services companies. More employers choose The Principal® for their 401(k) plans than any other bank, mutual fund, or insurance company in the United States2. A member of the Fortune 500, The PrincipalR has $144.9 billion in assets under management3 and serves some 15 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.
About Guoco Group Limited
Guoco Group Limited is a Hong Kong listed company (Stock Code: 0053), whose subsidiaries and associated companies are principally engaged in treasury, fund and investment management, stock and commodity broking, investment advisory, insurance, banking, financing and merchant banking as well as property development and investment, operating in Hong Kong, Singapore, Malaysia, the People's Republic of China and the United Kingdom. For more information, visit www.guoco.com.
1 "The Principal Financial Group" and "The Principal" are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group, Inc.
2 CFO Magazine, April/May 2003, based on total plans served in 2002 by insurance companies, banks and investment firms.
3 As of December 31, 2003
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