The Principal Acquires Brazilian Asset Manager

The Principal Financial Group Inc. announced a definitive agreement to purchase a 60% indirect ownership of Claritas Administração de Recursos Ltda. / Claritas Investments, Ltd. (Claritas).

Claritas is a Brazilian mutual fund and asset management company with more than R$3.1 billion in assets under management (US$1.8 billion). The Sao Paulo-based company manages equity funds, balanced funds, managed accounts and other strategies for affluent clients and institutions through its multi-channel distribution network.  

“Entering the Brazilian mutual fund and asset management market has long been a strategic priority for The Principal, and we are pleased to partner with the talented team at Claritas,” said Luis Valdes, president and CEO of Principal International. “The company’s strong management team, solid investment track record, value-added products for Brazilians and potentially international customers, and diversified distribution through financial advisers are all important competencies as we continue to grow our mutual fund and asset management business in Latin America.”  

This is the second business partnership for The Principal in Brazil. Since 1999, The Principal has offered pension and annuity products through Brasilprev, its joint-venture operation with Banco do Brasil.