Des Moines-based asset manager Principal Financial Group is showing a solid second quarter for fiscal 2017. The company is also ending a long streak of quarters with positive cash flow.
Principal had gone 24 straight quarters with positive net cash flows until now. Company chairman, president and CEO Dan Houston says there were a number of primary contributors to this result.
“First and foremost, it reflects the volatility inherent in the global institutional asset management and retirement space as large deposits and withdrawals can occur unevenly over time,” he says.
In the meantime, Principal is reporting record operating earnings for the second quarter at $383.6 million dollars, and record assets under management at $629.4 billion, up ten percent from a year ago.