Principal Announces LifeTime Funds Portfolio Manager Change

February 15, 2011 ( - Principal Funds has hired Jeff Tyler as portfolio manager for Principal LifeTime Funds target-date fund series, effective March 1, 2011.

A press release said Tyler has 30 years of experience in the financial services industry, 21 years of which he spent at American Century Investments.   

Also effective March 1, Michael Finnegan will depart the Principal LifeTime portfolio management team to broaden his focus on designing and launching investment products and solutions for retail and retirement clients of the Principal Financial Group. Finnegan will continue in his role as chief investment officer of Principal Funds, overseeing both retail and retirement investment platforms. He will also continue to serve as portfolio advisor to the Principal Global Diversified Income Fund (PGBAX) and Principal Diversified Real Asset Fund (PRDAX), the announcement said.    

Tim Dunbar, who was promoted to senior vice president of Strategy and Finance at The Principal, will also depart the portfolio management team effective March 1.   

A tenured team consisting of David Blake, James Fennessey, Dirk Laschanzky and Randy Welch remain on the Principal LifeTime portfolios as managers.