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     <TD colSpan=4 align=center><B><FONT size=5 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">SECURITIES AND EXCHANGE COMMISSION</FONT></B></TD></TR>
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     <TD colSpan=4 align=center><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Washington, D.C. 20549</FONT></B></TD></TR>
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     <TD colSpan=4 align=center><B><FONT size=5 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">FORM 8-K</FONT></B></TD></TR>
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     <TD colSpan=4>&nbsp;</TD></TR>
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     <TD colSpan=4 align=center><B><FONT size=3 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">CURRENT REPORT</FONT></B></TD></TR>
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     <TD colSpan=4 align=center><B><FONT size=3 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Pursuant to Section 13 or 15(d) of the</FONT></B></TD></TR>
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     <TD colSpan=4 align=center><B><FONT size=3 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Securities Exchange Act of 1934</FONT></B></TD></TR>
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     <TD colSpan=4 align=center><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">Date of Report: </FONT><B><FONT size=3 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">April 18, 2011</FONT></B></TD></TR>
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     <TD colSpan=4 align=center><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">(Date of earliest event reported)</FONT></TD></TR>
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     <TD colSpan=4 align=center><B><FONT size=5 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">PRINCIPAL FINANCIAL GROUP, INC.</FONT></B></TD></TR>
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     <TD colSpan=4 align=center><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">(Exact name of registrant as specified in its charter)</FONT></TD></TR>
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     <TD style="TEXT-INDENT: 20px" noWrap align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware</FONT></B>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1-16725&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>&nbsp;<B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">42-1520346</FONT></B>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Commission file number)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(I.R.S. Employer</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=center><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of incorporation)</FONT>&nbsp;</TD>
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     <TD colSpan=4 align=center><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">711 High Street, Des Moines, Iowa 50392</FONT></B></TD></TR>
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     <TD colSpan=4 align=center><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">(515) 247-5111</FONT></B></TD></TR>
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     <TD colSpan=4 align=center><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(Registrant&#146;s telephone number, including area code)</FONT></TD></TR>
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     <TD colSpan=4 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the</FONT>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">registrant under any of the following provisions:</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">[&nbsp;&nbsp;&nbsp;&nbsp; ]</FONT>&nbsp;</TD>
     <TD colSpan=3 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR</FONT>&nbsp;</TD></TR>
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     <TD colSpan=3 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">Page 2</FONT>&nbsp;</TD>
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     <TD colSpan=2 noWrap align=left><B><FONT size=3 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Item 7.01</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Regulation FD Disclosure</FONT></B>&nbsp;</TD>
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     <TD colSpan=4 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Principal Financial Group, Inc. announced that its wholly-owned subsidiary, Principal Global Investors,</FONT>&nbsp;</TD></TR>
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     <TD colSpan=4 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">LLC, a global asset manger, entered into a definitive agreement to acquire a 51% majority stake in Finisterre</FONT>&nbsp;</TD></TR>
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     <TD colSpan=4 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Capital, LLP, and Finisterre Holdings Limited, (together Finisterre Capital), an emerging markets investor</FONT>&nbsp;</TD></TR>
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     <TD colSpan=4 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">based in London. The initial payment for the majority stake will be $84.6 million USD, with a possible</FONT>&nbsp;</TD></TR>
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     <TD colSpan=4 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">additional contingent payment of up to $30 million in 2013, dependent upon performance targets. A press</FONT>&nbsp;</TD></TR>
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     <TD colSpan=4 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">release </FONT><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">of the announcement is included herewith as Exhibit 99.</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left><B><FONT size=3 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Item 9.01</FONT></B>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">99</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">Finisterre Capital Press Release</FONT>&nbsp;</TD>
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     <TD colSpan=4 align=left><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SIGNATURE</FONT></TD></TR>
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     <TD colSpan=4 noWrap align=left><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused</FONT>&nbsp;</TD></TR>
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     <TD colSpan=4 noWrap align=left><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">this report to be signed on its behalf by the undersigned thereunto duly authorized.</FONT>&nbsp;</TD></TR>
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     <TD colSpan=4 noWrap align=left><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRINCIPAL FINANCIAL GROUP, INC.</FONT>&nbsp;</TD></TR>
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     <TD colSpan=4 noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">By:</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp; </U><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif"><U>/s/ John Egan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT>&nbsp;</TD></TR>
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     <TD style="TEXT-INDENT: 41px" colSpan=4 noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">Name:&nbsp; John Egan</FONT>&nbsp;</TD></TR>
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     <TD style="TEXT-INDENT: 41px" colSpan=4 noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">Title:&nbsp;&nbsp;&nbsp; Vice President &#150; Investor Relations</FONT>&nbsp;</TD></TR>
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     <TD width="49%" colSpan=3 noWrap align=left><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">Date: April 18, 2011</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibit 99</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Release:</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 9px" noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">On receipt, April 18, 2011</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Media Contacts:</FONT>&nbsp;</TD></TR>
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     <TD style="TEXT-INDENT: 3px" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp; US media contact: Paula Chizek, 515-235-6010, chizek.paula@principal.com</FONT>&nbsp;</TD></TR>
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     <TD style="TEXT-INDENT: 3px" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp; &nbsp;UK media contact - PGI: Claire Maloney, (44) 20 7307 5330, claire.maloney@capitalmsl.com</FONT>&nbsp;</TD></TR>
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     <TD style="TEXT-INDENT: 3px" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp; UK media contact - Finisterre: Paul Mungo (44) 20 3178 6872, paul.mungo@peregrinecommunications.co.uk</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Investor Relations:</FONT>&nbsp;</TD></TR>
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     <TD style="TEXT-INDENT: 5px" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp; John Egan, Principal Financial Group, 515-235-9500, egan.john@principal.com</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <B><I><FONT size=3 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Principal Global Investors To Acquire Majority Stake in Finisterre Capital</FONT></I></B>&nbsp;</TD></TR>
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     <TD colSpan=2 align=left><B><I><FONT size=3 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition expands its emerging market investment capabilities</FONT></I></B></TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(Des Moines, Iowa) &#150; Principal Global Investors, LLC, a leading global asset manager and a member</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">of the Principal Financial Group</FONT><SUP><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#174; </FONT></SUP><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(NYSE:PFG), today announced a definitive agreement to acquire a</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">majority stake in Finisterre Capital, LLP, and Finisterre Holdings Limited, (together Finisterre</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Capital), an established emerging markets investor based in London.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#147;Finisterre Capital is a top-class emerging markets fixed income specialist with a strong</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">investment performance track record,&#148; said Jim McCaughan, chief executive officer of Principal</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Global Investors. &#147;We are excited about the opportunity to help the business develop further and</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">expand our capabilities in this growing market segment. There is already an enormous appetite to</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">invest in emerging economies and we firmly believe the demand will continue as these markets</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">develop.&#148;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Founded in 2002, Finisterre Capital has approximately $1.63 billion</FONT><I><SUP><FONT size=2 face="Times New Roman,Italic,Arial,Helvetica,sans-serif">1 </FONT></SUP></I><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">in assets under</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">management primarily across three funds: Global Opportunity Fund, Sovereign Debt Fund and Credit</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Fund. The five partners (Frode Foss-Skiftesvik, Paul Crean, Rafa&#235;l Biosse Duplan, Xavier Corin-Mick</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">and Yan Swiderski) will retain a significant minority stake in the business and have agreed to put a</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">significant share of their consideration into funds managed by the firm. They will continue to direct the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">day-to-day operations and will retain authority over fund investment decisions.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#147;The strategic partnership with Principal offers us the very attractive combination of continued</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">autonomy and long-term stability for our clients,&#148; said Paul Crean, chief investment officer at</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Finisterre Capital. &#147;It will enable us to expand our capabilities while preserving our business focus,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">organizational structure and unique investment culture.&#148;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Through this transaction, The Principal will enhance its emerging market investment</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">capabilities, with an opportunity to develop a wider platform through the launch of complementary</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2></TD></TR>
<TR>
     <TD colSpan=2>______________________&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><SUP><FONT size=1 face="Times New Roman,Arial,Helvetica,sans-serif">1 </FONT></SUP><FONT size=1 face="Times New Roman,Arial,Helvetica,sans-serif">As of April 1, 2011.</FONT>&nbsp;</TD></TR></TABLE></DIV>
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     <TD noWrap align=left><FONT size=3 face="Times New Roman,Arial,Helvetica,sans-serif">Page 4</FONT>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">new emerging market products and strategies, and further strengthen its well-established multi-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">boutique model. Finisterre Capital will benefit from access to The Principal&#146;s global presence and</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">strong distribution network, as well as leveraging Principal&#146;s product development expertise and best-</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">practice support infrastructure.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 10px" noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The transaction is expected to close early in third quarter, pending regulatory approval. It is</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">part of the Principal Financial Group&#146;s 2011 capital deployment strategy of spending approximately</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">$700 million on executing attractive M&amp;A opportunities and a share repurchase program. Excluding</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">transaction and integration costs, The Principal estimates the acquisition will be EPS neutral in 2011</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">and accretive in 2012.</FONT>&nbsp;</TD></TR>
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     <TD style="TEXT-INDENT: 10px" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Sandler O'Neill + Partners advised The Principal on the transaction and Fenchurch Advisory</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Partners advised Finisterre Capital.</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For more news and insights from The Principal, connect with us on Twitter at:</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">http://twitter.com/ThePrincipal.</FONT>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">Forward looking and cautionary statements</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">This press release contains forward-looking statements, including, without limitation, statements as to</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">operating earnings, net income available to common stockholders, net cash flows, realized and</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">unrealized losses, capital and liquidity positions, sales and earnings trends, and management's beliefs,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">expectations, goals and opinions. The company does not undertake to update or revise these</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">statements, which are based on a number of assumptions concerning future conditions that may</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">ultimately prove to be inaccurate. Future events and their effects on the company may not be those</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">anticipated, and actual results may differ materially from the results anticipated in these forward-</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">looking statements. The risks, uncertainties and factors that could cause or contribute to such material</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">differences are discussed in the company's annual report on Form 10-K for the year ended Dec. 31,</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">2010, filed by the company with the Securities and Exchange Commission, as updated or</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">supplemented from time to time in subsequent filings. These risks and uncertainties include, without</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">limitation: adverse capital and credit market conditions that may significantly affect the company&#146;s</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">ability to meet liquidity needs, access to capital and cost of capital; continued difficult conditions in the</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">global capital markets and the economy generally that may materially adversely affect the company&#146;s</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">business and results of operations; the risk from acquiring new businesses, which could result in the</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">impairment of goodwill and/or intangible assets recognized at the time of acquisition; impairment of</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">other financial institutions that could adversely affect the company; investment risks which may</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">diminish the value of the company&#146;s invested assets and the investment returns credited to customers,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">which could reduce sales, revenues, assets under management and net income; requirements to post</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">collateral or make payments related to declines in market value of specified assets may adversely affect</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">company liquidity and expose the company to counterparty credit risk; changes in laws, regulations or</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">accounting standards that may reduce company profitability; fluctuations in foreign currency exchange</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">rates that could reduce company profitability; Principal Financial Group, Inc.&#146;s primary reliance, as a</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">holding company, on dividends from its subsidiaries to meet debt payment obligations and regulatory</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">restrictions on the ability of subsidiaries to pay such dividends; competitive factors; volatility of</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">financial markets; decrease in ratings; interest rate changes; inability to attract and retain sales</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">representatives; international business risks; a pandemic, terrorist attack or other catastrophic event;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">and default of the company&#146;s re-insurers.</FONT>&nbsp;</TD></TR></TABLE></DIV>
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     <TD noWrap align=left><B><FONT size=3 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">About Principal Global Investors</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Principal Global Investors is a diversified asset management organization and a member of the</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Principal Financial Group, with expertise in equities, fixed income and real estate investments, as well</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">as specialized overlay and advisory services. Principal Global Investors manages $232.4 billion in</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">assets</FONT><I><SUP><FONT size=2 face="Times New Roman,Italic,Arial,Helvetica,sans-serif">2 </FONT></SUP></I><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">primarily for retirement plans and other institutional clients.</FONT>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">About Finisterre Capital LLP</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Finisterre Capital LLP, founded in 2002, is an emerging markets fixed income specialist dedicated to</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">delivering risk-controlled, total return investment strategies to the institutional marketplace. The firm</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">manages emerging markets funds in a variety of asset classes, including sovereign debt, local currency</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">debt, foreign exchange, corporate credit, special situations and equity.</FONT>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face="Times New Roman,Bold,Arial,Helvetica,sans-serif">About the Principal Financial Group</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">The Principal Financial Group</FONT><SUP><FONT size=2 face=Symbol,Symbol>&#210; </FONT></SUP><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">(The Principal </FONT><SUP><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">&#174; </FONT></SUP><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">)</FONT><I><SUP><FONT size=2 face="Times New Roman,Italic,Arial,Helvetica,sans-serif">3 </FONT></SUP></I><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">is a leader in offering businesses, individuals and</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">institutional clients a wide range of financial products and services, including retirement and</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">investment services, life and health insurance, and banking through its diverse family of financial</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">services companies. A member of the Fortune 500, the Principal Financial Group has $318.8 billion in</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">assets under management</FONT><I><SUP><FONT size=2 face="Times New Roman,Italic,Arial,Helvetica,sans-serif">2 </FONT></SUP></I><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">and serves some 19.1 million customers worldwide from offices in Asia,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">the New York Stock Exchange under the ticker symbol PFG. For more information, visit</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">www.principal.com</FONT><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif"># # #</FONT>&nbsp;</TD></TR>
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     <TD>&nbsp;</TD></TR>
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     <TD>&nbsp;</TD></TR>
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     <TD></TD></TR>
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     <TD></TD></TR>
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     <TD></TD></TR>
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     <TD>&nbsp;</TD></TR>
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     <TD>______________________&nbsp;</TD></TR>
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     <TD noWrap align=left><SUP><FONT size=1 face="Times New Roman,Arial,Helvetica,sans-serif">2 </FONT></SUP><FONT size=1 face="Times New Roman,Arial,Helvetica,sans-serif">As of Dec. 31, 2010.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><SUP><FONT size=1 face="Times New Roman,Arial,Helvetica,sans-serif">3 </FONT></SUP><FONT size=1 face="Times New Roman,Arial,Helvetica,sans-serif">"The Principal Financial Group" and &#147;The Principal&#148; are registered service marks of Principal Financial Services, Inc., a member of the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face="Times New Roman,Arial,Helvetica,sans-serif">Principal Financial Group.</FONT>&nbsp;</TD></TR></TABLE></DIV>
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magellan8k.htm - Generated by SEC Publisher for SEC Filing
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report:
April 18, 2011
(Date of earliest event reported)
PRINCIPAL FINANCIAL GROUP, INC.
(Exact name of registrant as specified in its charter)
Delaware
1-16725
42-1520346
(State or other jurisdiction
(Commission file number)
(I.R.S. Employer
of incorporation)
Identification Number)
711 High Street, Des Moines, Iowa 50392
(Address of principal executive offices)
(515) 247-5111
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions:
[     ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[     ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[     ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[     ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
_______________________
Page 2
Item 7.01
Regulation FD Disclosure
Principal Financial Group, Inc. announced that its wholly-owned subsidiary, Principal Global Investors,
LLC, a global asset manger, entered into a definitive agreement to acquire a 51% majority stake in Finisterre
Capital, LLP, and Finisterre Holdings Limited, (together Finisterre Capital), an emerging markets investor
based in London. The initial payment for the majority stake will be $84.6 million USD, with a possible
additional contingent payment of up to $30 million in 2013, dependent upon performance targets. A press
release
of the announcement is included herewith as Exhibit 99.
Item 9.01
Financial Statements and Exhibits
99
Finisterre Capital Press Release
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned thereunto duly authorized.
PRINCIPAL FINANCIAL GROUP, INC.
By:
/s/ John Egan
Name:  John Egan
Title:    Vice President – Investor Relations
Date: April 18, 2011
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Exhibit 99
Release:
On receipt, April 18, 2011
Media Contacts:
US media contact: Paula Chizek, 515-235-6010, chizek.paula@principal.com
UK media contact - PGI: Claire Maloney, (44) 20 7307 5330, claire.maloney@capitalmsl.com
UK media contact - Finisterre: Paul Mungo (44) 20 3178 6872, paul.mungo@peregrinecommunications.co.uk
Investor Relations:
John Egan, Principal Financial Group, 515-235-9500, egan.john@principal.com
Principal Global Investors To Acquire Majority Stake in Finisterre Capital
Acquisition expands its emerging market investment capabilities
(Des Moines, Iowa) – Principal Global Investors, LLC, a leading global asset manager and a member
of the Principal Financial Group
®
(NYSE:PFG), today announced a definitive agreement to acquire a
majority stake in Finisterre Capital, LLP, and Finisterre Holdings Limited, (together Finisterre
Capital), an established emerging markets investor based in London.
"Finisterre Capital is a top-class emerging markets fixed income specialist with a strong
investment performance track record," said Jim McCaughan, chief executive officer of Principal
Global Investors. "We are excited about the opportunity to help the business develop further and
expand our capabilities in this growing market segment. There is already an enormous appetite to
invest in emerging economies and we firmly believe the demand will continue as these markets
develop."
Founded in 2002, Finisterre Capital has approximately $1.63 billion
1
in assets under
management primarily across three funds: Global Opportunity Fund, Sovereign Debt Fund and Credit
Fund. The five partners (Frode Foss-Skiftesvik, Paul Crean, Rafaël Biosse Duplan, Xavier Corin-Mick
and Yan Swiderski) will retain a significant minority stake in the business and have agreed to put a
significant share of their consideration into funds managed by the firm. They will continue to direct the
day-to-day operations and will retain authority over fund investment decisions.
"The strategic partnership with Principal offers us the very attractive combination of continued
autonomy and long-term stability for our clients," said Paul Crean, chief investment officer at
Finisterre Capital. "It will enable us to expand our capabilities while preserving our business focus,
organizational structure and unique investment culture."
Through this transaction, The Principal will enhance its emerging market investment
capabilities, with an opportunity to develop a wider platform through the launch of complementary
______________________
1
As of April 1, 2011.
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new emerging market products and strategies, and further strengthen its well-established multi-
boutique model. Finisterre Capital will benefit from access to The Principal's global presence and
strong distribution network, as well as leveraging Principal's product development expertise and best-
practice support infrastructure.
The transaction is expected to close early in third quarter, pending regulatory approval. It is
part of the Principal Financial Group's 2011 capital deployment strategy of spending approximately
$700 million on executing attractive M&A opportunities and a share repurchase program. Excluding
transaction and integration costs, The Principal estimates the acquisition will be EPS neutral in 2011
and accretive in 2012.
Sandler O'Neill + Partners advised The Principal on the transaction and Fenchurch Advisory
Partners advised Finisterre Capital.
For more news and insights from The Principal, connect with us on Twitter at:
http://twitter.com/ThePrincipal.
Forward looking and cautionary statements
This press release contains forward-looking statements, including, without limitation, statements as to
operating earnings, net income available to common stockholders, net cash flows, realized and
unrealized losses, capital and liquidity positions, sales and earnings trends, and management's beliefs,
expectations, goals and opinions. The company does not undertake to update or revise these
statements, which are based on a number of assumptions concerning future conditions that may
ultimately prove to be inaccurate. Future events and their effects on the company may not be those
anticipated, and actual results may differ materially from the results anticipated in these forward-
looking statements. The risks, uncertainties and factors that could cause or contribute to such material
differences are discussed in the company's annual report on Form 10-K for the year ended Dec. 31,
2010, filed by the company with the Securities and Exchange Commission, as updated or
supplemented from time to time in subsequent filings. These risks and uncertainties include, without
limitation: adverse capital and credit market conditions that may significantly affect the company's
ability to meet liquidity needs, access to capital and cost of capital; continued difficult conditions in the
global capital markets and the economy generally that may materially adversely affect the company's
business and results of operations; the risk from acquiring new businesses, which could result in the
impairment of goodwill and/or intangible assets recognized at the time of acquisition; impairment of
other financial institutions that could adversely affect the company; investment risks which may
diminish the value of the company's invested assets and the investment returns credited to customers,
which could reduce sales, revenues, assets under management and net income; requirements to post
collateral or make payments related to declines in market value of specified assets may adversely affect
company liquidity and expose the company to counterparty credit risk; changes in laws, regulations or
accounting standards that may reduce company profitability; fluctuations in foreign currency exchange
rates that could reduce company profitability; Principal Financial Group, Inc.'s primary reliance, as a
holding company, on dividends from its subsidiaries to meet debt payment obligations and regulatory
restrictions on the ability of subsidiaries to pay such dividends; competitive factors; volatility of
financial markets; decrease in ratings; interest rate changes; inability to attract and retain sales
representatives; international business risks; a pandemic, terrorist attack or other catastrophic event;
and default of the company's re-insurers.
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About Principal Global Investors
Principal Global Investors is a diversified asset management organization and a member of the
Principal Financial Group, with expertise in equities, fixed income and real estate investments, as well
as specialized overlay and advisory services. Principal Global Investors manages $232.4 billion in
assets
2
primarily for retirement plans and other institutional clients.
About Finisterre Capital LLP
Finisterre Capital LLP, founded in 2002, is an emerging markets fixed income specialist dedicated to
delivering risk-controlled, total return investment strategies to the institutional marketplace. The firm
manages emerging markets funds in a variety of asset classes, including sovereign debt, local currency
debt, foreign exchange, corporate credit, special situations and equity.
About the Principal Financial Group
The Principal Financial Group
Ò
(The Principal
®
)
3
is a leader in offering businesses, individuals and
institutional clients a wide range of financial products and services, including retirement and
investment services, life and health insurance, and banking through its diverse family of financial
services companies. A member of the Fortune 500, the Principal Financial Group has $318.8 billion in
assets under management
2
and serves some 19.1 million customers worldwide from offices in Asia,
Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on
the New York Stock Exchange under the ticker symbol PFG. For more information, visit
www.principal.com
.
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2
As of Dec. 31, 2010.
3
"The Principal Financial Group" and "The Principal" are registered service marks of Principal Financial Services, Inc., a member of the
Principal Financial Group.