Principal AM appoints Australia distribution head
Principal Asset Management has appointed Stuart Dunn as its director of distribution in Australia.
The firm said the appointment had been made in order to build on its existing footprint in the institutional market and accelerate growth in the domestic wholesale market.
Dunn has experience in both markets, having spent five years as director of pension (institutional) sales for client business in Australia and two years as head of wealth distribution, retail business, at BlackRock. He also spent nine years at Perpetual in state sales roles.
His responsibilities at Principal will include overseeing sales and client service teams, focusing on public and private capabilities as well as its emerging market debt strategy.
In May 2024, Principal introduced the Finisterre Emerging Markets Debt Total Return Strategy to Australian wholesale investors through direct investment and platforms. Managed by Principal Finisterre, a boutique firm owned by Principal Asset Management, the strategy targets between 70 and 150 issuers and allocates across US dollar, sovereign or corporate credit, local currency bonds, and foreign exchange.
Helen de Mestre, managing director and country head of Australia & New Zealand at Principal Asset Management, said: “Stuart’s deep expertise and proven leadership in the wholesale market make him an outstanding choice to drive our ongoing expansion locally. In addition, his understanding of the complex needs of institutional investors will be instrumental in delivering tailored solutions that align with our clients’ goals.
“As we continue to broaden our presence in Australia, Stuart’s role will be crucial in not only strengthening our distribution capabilities but also in fostering deeper relationships with our clients. His appointment underscores our commitment to bringing the global strength of Principal Asset Management to serve the evolving needs of Australian investors.”
Earlier this month, Federated Hermes appointed Elizabeth White as associate director of business development for Australia, joining from Credit Suisse Private Bank where she worked as an investment adviser.
In the newly created role of associate director of business development, she will be based in Sydney and be responsible for the alignment and distribution of Federated Hermes’ products to meet the needs of wholesale, private bank and family office clients across the region.
Meanwhile, PM Capital expanded its intermediary distribution team in regional Australia with the appointment of Ivor Kay from State Street Global Advisors. Kay was appointed as regional manager in Brisbane on 12 August, responsible for advisers in Queensland and Western Australia.
AUTHOR
Laura Dew
Recommended for you
Outflows from an Australian private markets fund manager have caused FUM at Pacific Current to decline by $1 billion in the last quarter.
Former RIAA chief executive Simon O’Connor has joined the ethical advisory panel at U Ethical Investors.
Financial services leaders are “all cashed up with nowhere to grow” when it comes to M&A activity, according to Deloitte, with 90 per cent saying they have strong balance sheets ready for an acquisition.
As fund managers are urged to diversify their product ranges, they are finding a faster way to do this is via an acquisition of existing firms but experts say it is not without potential culture clashes.
