The Principal mutual fund, formerly known as IDBI Principal, is a collaboration between the Principal Financial Group of the US and nationalized banks Punjab National Bank and Vijaya Bank. The Principal Financial Group is a 125-year-old diversified global conglomerate of Financial Services Companies and is the largest provider of 401 (k) pension plans in the United States.
Principal PNB Asset Management Company Private Limited is the fund
manager for the mutual fund. In all, 65 per cent stake in the AMC is
held by the Principal group, 30 per cent by Punjab National Bank and 5
per cent by Vijaya Bank. The operations of the company are headed by
managing director Rajan Ghotgalkar.
Since its inception, the Principal Mutual Fund has launched a series of
innovative investment options. In 2000, it launched India's first Asset
Allocation program, branded as the 'Future Goal Series.' The Principal
mutual fund has over Rs.12,070 crore under management as of August 2006.
Here is a list of mutual funds of Principal which includes Equity
Funds, Debt Funds, Speciality Funds and Balanced Funds.