Principal Financial Group (Principal) has appointed Celestine Khoo as managing director and head of Asia ex-Japan for its asset management arm, Principal Global Investors.
Based in Singapore, her appointment took effect on July 1. The newly created role puts Ms. Khoo in charge of Principal Global Investors’ Hong Kong and Beijing offices, overseeing their business development and growth.
She will also continue as managing director and head of Southeast Asia, a position she’s held since 2015, according to a July 6 statement from Principal.
Ms. Khoo headed external fund management within the reserve management function at the Monetary Authority of Singapore before joining Principal Global Investors in December 2015.
She tells Asia Asset Management that she will continue to work closely with Principal’s affiliate in Hong Kong, and its joint venture partners in Asia.
“Principal Hong Kong is one of the five largest MPF [Mandatory Provident Fund] providers in Hong Kong. We have been working closely with it to provide pension solutions,” she says.
“We want to continue to work closely with them as, when looking at the demographic in Asia, the mass affluent and the middle class are rising. These are all opportunities to Principal Global Investors to provide investment solutions,” she adds.
Ms. Khoo says she will also continue to leverage on Principal’s integrated distribution model to grow the business.
“We have different boutiques to provide different investment solutions across fixed income, equities, currency, hedge funds and real estate,” she says. “With this integrated distribution model, we can offer a single point of access to clients who are looking for different investment solutions.”
According to Ms. Khoo, investors’ need more diversified and differentiated offerings in the current low yield environment. Principal’s multi-boutique structure provides it with an edge to meet the evolving needs of clients, she says.
Although potential geopolitical risks such as US President Donald Trump’s threat to impose tariffs on imports worry many investors, Ms. Khoo sees potential in the region.
“The launch of China bond connect provides more opportunities for global investors to have more exposure to the onshore Chinese market, which is what they are looking at,” she says.
The China-Hong Kong bond connect, launched on July 3, allows foreign investors to invest in China’s onshore market via Hong Kong.
Ms. Khoo says she hopes to continue to build on Principal’s strong client base in the region, including central banks, sovereign wealth funds, pension funds and insurance companies, with support from joint venture partners.
She reports to Kirk West, executive director and head of international offices for Principal Global Investors.
“As our client base, capabilities and activities across Asia continue to expand, it has become necessary to provide additional management bandwidth to Principal’s North Asia strategy,’ Mr. West says in the statement.
“It is also crucial to have a senior leader work with our colleagues from Principal International to broaden and deepen their respective businesses, including working with their joint venture partners in the region.”
