The Principal Financial Group (The Principal) has gotten closer to their goal of being a pension and long term investment leader in Brazil with the announcement last week that they entered into an agreement to purchase a 60% indirect ownership of Claritas Investments Ltd. (Claritas).
Claritas has more than $1.8 billion in assets under management. The Sao Paulo-based company manages equity funds, balanced funds, managed accounts among other strategies for their clients and institutions through a multi-channel distribution network.
It is, however, not the first time that Des Moines IA-based retirement and investment manager has penetrated the Brazilian market. Since 1999, The Principal has offered pension and annuity products through Brasilprev, a joint venture operation they have with Banco do Brasil.