Principal Global Investors, the $403 billion US fund manager, has named a new chief executive of its European business for the first time in a decade, after the executive holding that role switched to a new wealth advisory post at the group.

The firm said in a September 28 statement that Tim Stumpff, most recently president of fund of hedge funds manager Liongate Capital Management, in which Principal Global Investors acquired a 55% stake in 2013, has become head of its £13 billion European business.