SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: OCTOBER 14, 2004
(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))
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ITEM 7.01 REGULATION FD DISCLOSURE
On October 14, 2004, Principal Financial Group, Inc. publicly announced the
acquisition of a majority interest in Columbus Circle Investors. Under the terms
of the agreement, Principal Global Investors LLC, a wholly-owned subsidiary of
the Principal Financial Group, will acquire a 70 percent interest in Columbus
Circle Investors for approximately $60 million.
The transaction is expected to close in early 2005. The Principal Financial
Group expects the acquisition to have an immaterial impact on fourth quarter
2004 net income and operating earnings, as the Company accrues for minor
acquisition-related expenses. The Company also expects the transaction to be
slightly accretive to net income and operating earnings in 2005.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
99.1 Press Release regarding acquisition of majority interest in Columbus Circle
Investors.
SIGNATURE
Pursuant to the requirements of the Securities and 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/ THOMAS J. GRAF
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Name: Thomas J. Graf
Title: Senior Vice President - Investor
Relations
Date: October 14, 2004
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RELEASE: On receipt
MEDIA CONTACT: Jeff Rader, 515-247-7883, rader.jeff@principal.com
INVESTOR RELATIONS CONTACT: Tom Graf, 515-235-9500,
investor-relations@principal.com
PRINCIPAL GLOBAL INVESTORS(R) TO ACQUIRE MAJORITY INTEREST
IN COLUMBUS CIRCLE INVESTORS
STRENGTHENS CAPABILITIES IN GROWTH EQUITIES
Des Moines, IA (October 14, 2004) -- Principal Global Investors LLC, a
wholly owned subsidiary of Principal Financial Group, Inc. (NYSE: PFG), today
announced it will acquire a majority interest in Columbus Circle Investors
(Columbus Circle). Based in Stamford, Connecticut, Columbus Circle is a premier
asset management firm specializing in growth equities, with more than $3 billion
in assets under management. The transaction is expected to close in early 2005.
Additional information regarding the agreement is provided in Form 8-K, filed by
the Company with the Securities and Exchange Commission.
"Over the past three years we've rapidly grown institutional assets
under management," said Jim McCaughan, CEO of Principal Global Investors and
president of global asset management for The Principal. "Working with Spectrum
and Post Advisory Group, two firms in which we acquired interests, has been an
important part of this growth and demonstrates our strong success in partnering
with affiliated firms. Columbus Circle's specialized expertise in the management
of growth equities complements our already strong equity investment team,
furthering our efforts to gain recognition in the marketplace and to win new
mandates among institutional clients.
"Importantly, we have consistent investment philosophies," said
McCaughan. "We share a commitment to integrity and a focus on investment
strategies suitable for retirement assets and other long-term savings."
Columbus Circle employs more than 20 experienced investment
professionals that specialize primarily in the management of growth equity
portfolios. Established in 1975, the company provides investment management
services primarily to retirement plans, endowments and foundations. Columbus
Circle also serves as an investment sub-advisor to mutual fund companies and
other financial institutions.
The team is led by senior managing directors and portfolio managers
Anthony Rizza and Clifford Fox. Both have been with Columbus Circle since the
early 1990's. "Our team is very enthusiastic about establishing a long-term
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relationship with The Principal," said Rizza. "They value our specialized
investment capabilities and boutique culture, and they share in our belief that
it is essential for Columbus Circle to maintain its focus and autonomy.
Columbus Circle will retain operational and investment autonomy, with
no change to its investment philosophy or process. The company name, its
organizational structure and headquarters in Stamford will also remain
unchanged. Key investment and marketing/client service executives of Columbus
Circle will continue to have substantial equity interests in the firm.
ABOUT PRINCIPAL GLOBAL INVESTORS
Principal Global Investors is a diversified asset management organization and a
member of the Principal Financial Group(R), with expertise in equities, fixed
income and real estate investments, as well as specialized overlay and advisory
services. Principal Global Investors manages over $122 billion in assets,
primarily for retirement plans and other institutional clients.
ABOUT PRINCIPAL FINANCIAL GROUP
The Principal Financial Group(R) (The Principal (R))1 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 $152
billion in assets under management2 and serves some 14.6 million clients
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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1 "The Principal Financial Group" and "The Principal" are registered service
marks of Principal Financial Services, Inc., a member of the Principal
Financial Group.
2 As of June 30, 2004
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