Principal Global Investors, part of US firm Principal Financial Group, has named Tim Stumpff as CEO for its European business.

Stumpff will replace Nick Lyster, who has assumed the newly created role of global head of wealth advisory services.

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Lyster will continue to be based in London. In the new role, he will offer Principal’s investment capabilities to global wealth management firms, focusing on the firm’s Dublin-domiciled UCITS funds.

Stumpff, who joined the group in 2003, worked in several leadership positions including leading the corporate capital markets group and as part of the senior management in the firm's heathcare business.

He later also served as president of Morely Financial Services and most recently held the role of president at Liongate Capital Management.

Principal CEO Jim McCaughan said: “Nick has made an exceptional contribution to Principal over the past decade. Under his leadership the European business has grown to over GBP13 billion. Nick is expertly placed to drive our expansion in the global wealth market.
 
“I am delighted that Tim will lead the next phase of our European growth. He will be able to deploy his knowledge of the European asset management industry and extensive experience at Principal to provide the best possible outcomes for our investors.”

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Commenting on his new role, Lyster said: “We have seen a significant increase in demand for our funds and our sub-advisory services in the past year from wealth managers requiring the adaptability that our multi-boutique model provides. I am confident that this demand will continue to grow and look forward to leading Principal’s expansion in this market.”