Aug. 7 (Bloomberg) -- Principal Financial Group Inc., the seller of life insurance and retirement products, said Larry Post is stepping down as chief investment officer of the Post Advisory Group that he founded two decades ago.
Post is retiring effective Dec. 31 from the group, which has about $11.8 billion in assets under management and specializes in high-yield products and bank loans, according to a statement today from Des Moines, Iowa-based Principal. Jeremy Sagi and Henry Chyung will split the duties after Post leaves. Sagi will focus on short-duration products.
“It is time for me to recognize the contribution of the next generation of talent at Post and give them more responsibility,” Larry Post said in the statement.
The insurer, led by Chief Executive Officer Larry Zimpleman, has been working to build fee income for managing clients’ assets. The company in June hired Josh Rank and Matt Hanson, formerly of Aviva Plc, to help run a $7 billion portfolio of high-yield assets.
Principal bought Post’s firm in 2003 and has a majority stake. Larry Post previously founded the high-yield bond department at Smith Barney, according to the statement.
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